Current liabilities held for sale

^[1]

277

115

5,291

991

Other current liabilities

1,079

828

Total current liabilities

8,377

3,315

Long-term debt

5,790

6,749

Asset retirement obligations

1,088

1,099

Other long-term liabilities

624

549

Long-term liabilities held for sale

3,936

Deferred income taxes

432

489

Equity:

Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 515 million and 525 million shares in 2018 and 2017, respectively

51

53

Additional paid-in capital

6,888

7,333

Retained earnings

6

702

Accumulated other comprehensive earnings

1,091

1,166

Treasury stock, at cost, 0.5 million shares in 2018

(22)

Total stockholders’ equity attributable to Devon

8,014

9,254

Noncontrolling interests

4,834

4,850

Total equity

12,848

14,104

Total liabilities and equity

$ 29,159

$ 30,241

[1]	Short-term debt as of June 30, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	515,000,000	525,000,000
Treasury stock, shares	500,000

Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2016	$ 12,722	$ 52	$ 7,237	$ (69)	$ 1,054		$ 4,448
Balance, shares at Dec. 31, 2016		523
Net earnings (loss)	562			522			40
Other comprehensive earnings (loss), net of tax	45				45
Restricted stock grants, net of cancellations, value	1	$ 1
Restricted stock grants, net of cancellations, shares		2
Common stock repurchased	(41)					$ (41)
Common stock retired			(41)			41
Common stock dividends	(65)			(65)
Share-based compensation	69		69
Share-based compensation, shares		1
Subsidiary equity transactions	117		11				106
Distributions to noncontrolling interests	(163)						(163)
Balance at Jun. 30, 2017	13,247	$ 53	7,276	388	1,099		4,431
Balance, shares at Jun. 30, 2017		526
Balance at Dec. 31, 2017	14,104	$ 53	7,333	702	1,166		4,850
Balance, shares at Dec. 31, 2017		525
Net earnings (loss)	(488)			(622)			134
Other comprehensive earnings (loss), net of tax	(75)				(75)
Restricted stock grants, net of cancellations, shares		3
Common stock repurchased	(556)	$ (1)				(555)
Common stock retired		$ (1)	(532)			533
Common stock retired, shares		(14)
Common stock dividends	(74)			(74)
Share-based compensation	89		89
Share-based compensation, shares		1
Subsidiary equity transactions	67		(2)				69
Distributions to noncontrolling interests	(219)						(219)
Balance at Jun. 30, 2018	$ 12,848	$ 51	$ 6,888	$ 6	$ 1,091	$ (22)	$ 4,834
Balance, shares at Jun. 30, 2018		515

Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

1.	Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2017 Annual Report on Form 10-K.

The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month and six-month periods ended June 30, 2018 and 2017 and Devon’s financial position as of June 30, 2018. As further discussed in Note 3, during the second quarter of 2018, Devon announced the sale of its interests in the General Partner and EnLink, which closed on July 18, 2018. Activity relating to the General Partner and EnLink have now been classified as discontinued operations within Devon’s consolidated comprehensive statements of earnings and consolidated statements of cash flows. The associated assets and liabilities of EnLink and the General Partner are presented as assets and liabilities held for sale on the consolidated balance sheets.

Recently Adopted Accounting Standards

In January 2018, Devon adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. See Note 2 for further discussion regarding Devon’s adoption of the revenue recognition standard.

In January 2018, Devon adopted ASU 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item as other employee compensation costs. Only the service cost component of net periodic benefit cost is eligible for capitalization. As a result of the adoption of this ASU, consolidated statement of earnings presentation changes were applied retrospectively, while service cost component capitalization was applied prospectively.

In January 2018, Devon adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires an entity to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents on the statement of cash flows and to provide a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet when the cash, cash equivalents, restricted cash, and restricted cash equivalents are presented in more than one line item on the balance sheet. As a result of the adoption of this ASU, Devon made changes to the statement of cash flows to include the required presentation and reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents retrospectively. Other than presentation, adoption of this ASU did not have a material impact on Devon’s consolidated statement of cash flows.

Issued Accounting Standards Not Yet Adopted

The FASB issued ASU 2016-02, Leases (Topic 842). This ASU will supersede the lease requirements in Topic 840, Leases. Its objective is to increase transparency and comparability among organizations. This ASU provides guidance requiring lessees to recognize most leases on their balance sheet. Lessor accounting does not significantly change, except for some changes made to align with new revenue recognition requirements. This ASU is effective for Devon beginning January 1, 2019. Early adoption is permitted, but Devon does not plan to early adopt. Currently the guidance would be applied using a modified retrospective transition method, which requires applying the new guidance to leases that exist or are entered into after the beginning of the earliest period in the financial statements. However, the FASB recently issued Proposed ASU No. 2018-200, Leases (Topic 842), Targeted Improvements which would allow entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the consolidated financial statements. The proposed ASU will allow entities to continue to apply the legacy guidance in Topic 840, including its disclosure requirements, in the comparative periods presented in the year the new leases standard is adopted. Entities that elect this option would still adopt the new leases standard using a modified retrospective transition method, but would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. The FASB issued ASU No. 2018-01, Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842. This ASU would permit an entity not to apply Topic 842 to land easements and rights-of-way that exist or expired before the effective date of Topic 842 and that were not previously assessed under Topic 840. An entity would continue to apply its current accounting policy for accounting for land easements that existed before the effective date of Topic 842. Once an entity adopts Topic 842, it would apply that Topic prospectively to all new (or modified) land easements and rights-of-way to determine whether the arrangement should be accounted for as a lease. For Devon, these easement and right-of-way contracts represent a relatively small percentage of the aggregate value of contracts being evaluated but represent a significant number of contracts.

Devon has determined its portfolio of leased assets and is reviewing all related contracts to determine the impact the adoption will have on its consolidated financial statements and related disclosures. Devon anticipates the adoption of this standard will significantly impact its consolidated financial statements, systems, processes and controls. Devon is in the process of designing processes and controls and has implemented a technology solution needed to comply with the requirements of this ASU. While Devon cannot currently estimate the quantitative effect that ASU 2016-02 will have on its consolidated financial statements, the adoption will increase asset and liability balances on the consolidated balance sheets due to the required recognition of right-of-use assets and corresponding lease liabilities.

The FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU will expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company’s risk management activities. The guidance also eliminates the requirement to separately measure and report hedge ineffectiveness. This ASU only applies to entities that elect hedge accounting, which Devon has not for derivative financial instruments. This ASU is effective for annual and interim periods beginning January 1, 2019, with early adoption permitted in 2018. The ASU is required to be adopted using a cumulative effect (modified retrospective) transition method, which utilizes a cumulative-effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. Devon is currently evaluating the provisions of this ASU and assessing the impact it may have on its consolidated financial statements if hedge accounting were elected by Devon in the future.

The FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). This ASU allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Reform Legislation. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and allows for early adoption in any interim period after issuance of the update. Devon is currently assessing the impact this ASU will have on its consolidated financial statements.

Revenue Recognition

6 Months Ended

Jun. 30, 2018

Revenue From Contract With Customer [Abstract]

Revenue Recognition

2.	Revenue Recognition

Impact of ASC 606 Adoption

In January 2018, Devon adopted ASC 606 – Revenue from Contracts with Customers (ASC 606) using the modified retrospective method and has applied the standard to all existing contracts. ASC 606 supersedes previous revenue recognition requirements in ASC 605 and includes a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration in exchange for those goods or services.

The impact of adoption in the current period results is as follows:

	Three Months Ended June 30, 2018								Six Months Ended June 30, 2018
	Under ASC 606			Under ASC 605			Increase/ (Decrease)		Under ASC 606			Under ASC 605			Increase/ (Decrease)
Upstream revenues	$	1,069		$	1,004		$	65	$	2,388		$	2,261		$	127
Marketing revenues		1,180			1,180			—		2,059			2,059			—
Total impacted revenues	$	2,249		$	2,184		$	65	$	4,447		$	4,320		$	127

Production expenses	$	572		$	507		$	65	$	1,115		$	988		$	127
Marketing expenses		1,160			1,160			—		2,033			2,033			—
Total impacted expenses	$	1,732		$	1,667		$	65	$	3,148		$	3,021		$	127

Loss from continuing operations before income taxes	$	(481	)	$	(481	)	$	—	$	(726	)	$	(726	)	$	—

Changes to upstream revenues and production expenses are due to the conclusion that Devon represents the principal and controls a promised product before transferring it to the ultimate third party customer in accordance with the control model in ASC 606. This is a change from previous conclusions reached for these agreements utilizing the principal versus agent indicators under ASC 605 where the assessment was focused on Devon passing title and not control to the processing entity and Devon ultimately receiving a net price from the third-party end customer. As a result, Devon has changed the presentation of revenues and expenses for these agreements. Revenues related to these agreements are now presented on a gross basis for amounts expected to be received from third-party customers through the marketing process. Gathering, processing and transportation expenses related to these agreements, incurred prior to the transfer of control to the customer at the tailgate of the natural gas processing facilities, are now presented as production expenses.

Upstream Revenues

Upstream revenues include the sale of oil, gas and NGL production. Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. Devon’s performance obligations are satisfied at a point in time. This occurs when control is transferred to the purchaser upon delivery of contract specified production volumes at a specified point. The transaction price used to recognize revenue is a function of the contract billing terms. Revenue is invoiced, if required, by calendar month based on volumes at contractually based rates with payment typically received within 30 days of the end of the production month. Taxes assessed by governmental authorities on oil, gas and NGL sales are presented separately from such revenues in the accompanying consolidated comprehensive statements of earnings.

Natural gas and NGL sales

Under Devon’s natural gas processing contracts, natural gas is delivered to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity gathers and processes the natural gas and remits proceeds for the resulting sales of NGLs and residue gas. In these scenarios, Devon evaluates whether it is the principal or the agent in the transaction. Devon has concluded it is the principal under these contracts and the ultimate third party is the customer. Revenue is recognized on a gross basis, with gathering, processing and transportation fees presented as a component of production expenses in the consolidated comprehensive statement of earnings.

In certain natural gas processing agreements, Devon may elect to take residue gas and/or NGLs in-kind at the tailgate of the midstream entity’s processing plant and subsequently market the product. Through the marketing process, the product is delivered to the ultimate third-party purchaser at a contractually agreed-upon delivery point, and Devon receives a specified index price from the purchaser. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the index price received from the purchaser. The gathering, processing and compression fees attributable to the gas processing contract, as well as any transportation fees incurred to deliver the product to the purchaser, are presented as gathering, processing and transportation expense as a component of production expenses in the consolidated comprehensive statement of earnings.

Oil sales

Devon’s oil sales contracts are generally structured in one of two ways. First, production is sold at the wellhead at an agreed-upon index price, net of pricing differentials. In this scenario, revenue is recognized when control transfers to the purchaser at the wellhead at the net price received. Alternatively, production is delivered to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes custody, title and risk of loss of the product. Under this arrangement, a third party is paid to transport the product and Devon receives a specified index price from the purchaser with no transportation deduction. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the price received from the purchaser. The third-party costs are recorded as gathering, processing and transportation expense as a component of production expenses in the consolidated comprehensive statement of earnings.

Marketing Revenues

Marketing revenues are generated primarily as a result of Devon selling commodities purchased from third parties. Marketing revenues are recognized when performance obligations are satisfied. This occurs at the time contract specified products are sold to third parties at a contractually fixed or determinable price, delivery occurs at a specified point or performance has occurred, control has transferred and collectability of the revenue is probable. The transaction price used to recognize revenue and invoice customers is based on a contractually stated fee or on a third party published index price plus or minus a known differential. Devon typically receives payment for invoiced amounts within 30 days. Marketing revenues and expenses attributable to oil, gas and NGL purchases are reported on a gross basis when Devon takes control of the products and has risks and rewards of ownership.

Satisfaction of Performance Obligations and Revenue Recognitions

Since Devon has a right to consideration from its customers in amounts that correspond directly to the value that the customer receives from the performance completed on each contract, Devon applies the practical expedient in ASC 606 that allows recognition of revenue in the amount to which there is a right to invoice and prevents the need to estimate a transaction price for each contract and allocating that transaction price to the performance obligations within each contract. Devon recognizes revenue for sales at the time the natural gas, NGLs or crude oil are delivered at a fixed or determinable price.

Transaction Price Allocated to Remaining Performance Obligations

Most of Devon’s contracts are short-term in nature with a contract term of one year or less. Devon applies the practical expedient in ASC 606 exempting the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For contracts with terms greater than one year, Devon applies the practical expedient in ASC 606 exempting the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under Devon’s contracts, each unit of product typically represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Contract Balances

Cash received relating to future performance obligations are deferred and recognized when all revenue recognition criteria are met. Contract liabilities generated from such deferred revenue are not considered material as of June 30, 2018. Devon’s product sales and marketing contracts do not give rise to contract assets under ASC 606.

Disaggregation of Revenue

Revenue from oil, gas and NGL sales and marketing revenues represent revenue from contracts with customers. The following table presents revenue from contracts with customers that are disaggregated based on the type of good. The difference between revenue from external customers in Note 22 and the totals listed below represents the net impact from commodity derivatives.

	Three Months Ended June 30, 2018						Six Months Ended June 30, 2018
	U.S.		Canada		Total		U.S.		Canada		Total
Revenues from contracts with customers:
Oil	$	808	$	313	$	1,121	$	1,485	$	543	$	2,028
Gas		207		—		207		462		—		462
NGL		238		—		238		436		—		436
Oil, gas and NGL sales		1,253		313		1,566		2,383		543		2,926

Oil		766		24		790		1,297		41		1,338
Gas		160		—		160		315		—		315
NGL		230		—		230		406		—		406
Total marketing revenues		1,156		24		1,180		2,018		41		2,059

Total revenues from contracts with customers	$	2,409	$	337	$	2,746	$	4,401	$	584	$	4,985

Divestitures

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Divestitures

3.	Divestitures

During the second quarter of 2018, Devon sold a portion of its Barnett Shale assets, primarily located in Johnson County for $553 million ($481 million after customary purchase price adjustments). Estimated proved reserves associated with these assets are approximately 10% of total proved reserves. The transaction resulted in an adjustment to Devon’s capitalized costs with no gain recognized in the consolidated statement of earnings. In conjunction with the divestiture, Devon settled certain gas processing contracts and recognized an approximately $40 million settlement expense, which is included in asset dispositions within the consolidated statement of earnings.

In June 2018, Devon announced the sale of its aggregate ownership interests in EnLink and the General Partner for approximately $3.1 billion. The proceeds from the sale will be utilized to increase Devon’s share repurchase program to $4.0 billion, which is discussed further in Note 18. Devon completed the sale of its interests in EnLink and the General Partner in July 2018 and expects to recognize a gain of approximately $2.5 billion in the third quarter. Additional information on these discontinued operations can be found in Note 19.

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

4.	Derivative Financial Instruments

Objectives and Strategies

Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. Additionally, Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL marketing activities. These commodity derivative financial instruments include financial price swaps, basis swaps and costless price collars. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility and foreign exchange forward contracts to manage its exposure to fluctuations in the U.S. and Canadian dollar exchange rates. As of June 30, 2018, Devon did not have any open foreign exchange contracts.

Devon does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment.

Counterparty Credit Risk

By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels.

Commodity Derivatives

As of June 30, 2018, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

	Price Swaps				Price Collars
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q3-Q4 2018		89,300	$	57.96		100,200	$	52.23	$	62.83
Q1-Q4 2019		50,130	$	58.95		65,790	$	52.60	$	62.60

	Oil Basis Swaps						Oil Basis Collars
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)			Volume (Bbls/d)		Weighted Average Floor Differential to WTI ($/Bbl)			Weighted Average Ceiling Differential to WTI ($/Bbl)
Q3-Q4 2018	Midland Sweet		23,000	$	(1.02	)		—	$	—		$	—
Q3-Q4 2018	Argus LLS		12,000	$	3.95			—	$	—		$	—
Q3-Q4 2018	Argus MEH		15,832	$	2.82			—	$	—		$	—
Q3-Q4 2018	NYMEX Roll		19,989	$	0.60			—	$	—		$	—
Q3-Q4 2018	Western Canadian Select		64,859	$	(14.91	)		1,663	$	(15.50	)	$	(13.93	)
Q1-Q4 2019	Midland Sweet		28,000	$	(0.46	)		—	$	—		$	—
Q1-Q4 2019	Argus LLS		1,000	$	4.60			—	$	—		$	—
Q1-Q4 2019	Argus MEH		16,000	$	2.84			—	$	—		$	—
Q1-Q4 2019	NYMEX Roll		22,000	$	0.53			—	$	—		$	—
Q1-Q4 2020	NYMEX Roll		22,000	$	0.32			—	$	—		$	—

As of June 30, 2018, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q3-Q4 2018		273,750	$	2.91		242,250	$	2.76	$	3.09
Q1-Q4 2019		181,122	$	2.81		146,810	$	2.65	$	3.04

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q3-Q4 2018	Panhandle Eastern Pipe Line		120,000	$	(0.51	)
Q3-Q4 2018	El Paso Natural Gas		100,000	$	(1.25	)
Q3-Q4 2018	Houston Ship Channel		115,000	$	0.01
Q3-Q4 2018	Transco Zone 4		15,000	$	(0.03	)
Q1-Q4 2019	Panhandle Eastern Pipe Line		54,548	$	(0.78	)
Q1-Q4 2019	El Paso Natural Gas		110,000	$	(1.50	)
Q1-Q4 2019	Houston Ship Channel		92,500	$	(0.01	)
Q1-Q4 2019	Transco Zone 4		7,397	$	(0.03	)

As of June 30, 2018, Devon had the following open NGL derivative positions. Devon’s NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q3-Q4 2018	Ethane		6,000	$	11.73
Q3-Q4 2018	Natural Gasoline		6,500	$	56.13
Q3-Q4 2018	Normal Butane		7,000	$	38.69
Q3-Q4 2018	Propane		12,000	$	33.72
Q1-Q4 2019	Ethane		1,000	$	11.55
Q1-Q4 2019	Natural Gasoline		4,500	$	55.93
Q1-Q4 2019	Normal Butane		4,000	$	33.69
Q1-Q4 2019	Propane		8,500	$	30.01

Interest Rate Derivatives

As of June 30, 2018, Devon had the following open interest rate derivative position:

Notional				Rate Received			Rate Paid		Expiration
$	100			1.76%			Three Month LIBOR		January 2019

Financial Statement Presentation

The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated comprehensive statements of earnings caption.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Commodity derivatives:
Upstream revenues	$	(497	)	$	126		$	(538	)	$	358
Marketing revenues		(1	)		2			(1	)		3
Interest rate derivatives:
Other expenses		19			(20	)		65			(15	)
Net gains (losses) recognized	$	(479	)	$	108		$	(474	)	$	346

The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.

	June 30, 2018		December 31, 2017
Commodity derivative assets:
Other current assets	$	213	$	203
Other long-term assets		27		2
Interest rate derivative assets:
Other current assets		1		1
Total derivative assets	$	241	$	206
Commodity derivative liabilities:
Other current liabilities	$	647	$	259
Other long-term liabilities		93		27
Interest rate derivative liabilities:
Other current liabilities		1		64
Total derivative liabilities	$	741	$	350

Share-Based Compensation

6 Months Ended

Jun. 30, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

5.	Share-Based Compensation

The table below presents the share-based compensation expense included in Devon’s accompanying consolidated comprehensive statements of earnings. The vesting for certain share-based awards was accelerated in the second quarter of 2018 in conjunction with the reduction of workforce described in Note 7 and is included in restructuring and transaction costs in the accompanying consolidated comprehensive statement of earnings.

	Six Months Ended June 30,
	2018		2017
G&A	$	68	$	75
Exploration expenses		2		4
Restructuring and transaction costs		26		—
Total	$	96	$	79
Related income tax benefit	$	3	$	3

Under its approved long-term incentive plan, Devon granted share-based awards to certain employees in the first six months of 2018. The following table presents a summary of Devon’s unvested restricted stock awards and units, performance-based restricted stock awards and performance share units granted under the plan.

	Restricted Stock					Performance-Based					Performance
	Awards and Units					Restricted Stock Awards					Share Units
	Awards and Units			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/17		6,328		$	36.81		575		$	38.92		2,758				$	41.21
Granted		3,501		$	35.89		—		$	—		845				$	37.40
Vested		(2,843	)	$	38.83		(231	)	$	43.05		(571	)			$	84.22
Forfeited		(551	)	$	35.54		—		$	—		(91	)			$	33.37
Unvested at 6/30/18		6,435		$	35.52		344		$	36.14		2,941		⁽¹	⁾	$	30.25

(1)	A maximum of 5.9 million common shares could be awarded based upon Devon’s final TSR ranking relative to Devon’s peer group established under applicable award agreements.

The following table presents the assumptions related to the performance share units granted in 2018, as indicated in the previous summary table.

	2018
Grant-date fair value		$36.23	—	$	37.88
Risk-free interest rate	2.28%
Volatility factor	45.8%
Contractual term (years)	2.89

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of June 30, 2018.

			Performance-Based
	Restricted Stock		Restricted Stock		Performance
	Awards and Units		Awards		Share Units
Unrecognized compensation cost	$	161	$	2	$	39
Weighted average period for recognition (years)		2.7		1.4		2.0

Asset Impairments

6 Months Ended

Jun. 30, 2018

Asset Impairment Charges [Abstract]

Asset Impairments

6.	Asset Impairments

Unproved Impairments

During the first six months of 2018 and 2017, Devon impaired certain non-core acreage in the U.S. that it no longer intends to pursue for exploration opportunities, resulting in unproved impairments of $61 million and $62 million, respectively. Unproved impairments are included in exploration expenses in the consolidated comprehensive statements of earnings.

Asset Impairments

During the second quarter of 2018, Devon recognized $109 million of proved asset impairments relating to U.S. non-core assets no longer in its development plans and approximately $45 million of non-oil and gas asset impairments.

Restructuring and Transaction Costs and Other Expenses

6 Months Ended

Jun. 30, 2018

Other Income And Expenses [Abstract]

Restructuring and Transaction Costs and Other Expenses

7.	Restructuring and Transaction Costs and Other Expenses

Restructuring and transaction costs

In April 2018, Devon announced workforce reductions and other initiatives designed to enhance its operational focus and cost structure. As a result, Devon recognized $94 million in personnel related restructuring expenses during the second quarter of 2018. Of these expenses, $26 million resulted from accelerated vesting of share-based grants, which are noncash charges. Additionally, $15 million resulted from estimated settlements of defined retirement benefits.

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2017	$	19		$	31		$	50
Changes related to 2018 workforce reductions		48			—			48
Changes related to prior years' restructurings		(1	)		(8	)		(9	)
Balance as of June 30, 2018	$	66		$	23		$	89

Balance as of December 31, 2016	$	48		$	62		$	110
Changes related to prior years' restructurings		(17	)		(12	)		(29	)
Balance as of June 30, 2017	$	31		$	50		$	81

Other Expenses

The following table summarizes Devon’s other expenses presented in the accompanying consolidated comprehensive statement of earnings.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Foreign exchange (gain) loss, net	$	31		$	(49	)	$	81		$	(64	)
Asset retirement obligation accretion		14			14			30			31
Other, net		(21	)		27			(66	)		11
Total	$	24		$	(8	)	$	45		$	(22	)

Foreign exchange (gain) loss, net

The U.S. dollar is the functional currency for Devon’s consolidated operations except its Canadian subsidiaries, which use the Canadian dollar as the functional currency. The amounts in the table above includes both unrealized and realized foreign exchange impacts of foreign currency denominated monetary assets and liabilities, including intercompany loans between subsidiaries with different functional currencies. Unrealized gains and losses arise from the remeasurement of these foreign currency denominated monetary assets and liabilities and intercompany loans. Realized gains and losses arise when there are settlements of these foreign currency denominated monetary assets and liabilities and intercompany loans.

Foreign currency denominated intercompany loan activity in the second quarter of 2018 resulted in a realized loss of $244 million as a result of the strengthening of the U.S. dollar in relation to the Canadian dollar. This loss was offset by reversing $254 million of previously recognized unrealized losses on intercompany loan activity.

Income Taxes

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

8.	Income Taxes

The following table presents Devon’s total income tax expense (benefit) and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Current income tax expense (benefit)	$	(27	)	$	12		$	(23	)	$	32
Deferred income tax expense (benefit)		20			(17	)		(18	)		(32	)
Total income tax benefit	$	(7	)	$	(5	)	$	(41	)	$	—

U.S. statutory income tax rate		21	%		35	%		21	%		35	%
State income taxes		(1	%)		0	%		(0	%)		2	%
Audit settlements		3	%		0	%		2	%		0	%
Other		(11	%)		(7	%)		(9	%)		(3	%)
Deferred tax asset valuation allowance		(11	%)		(30	%)		(8	%)		(34	%)
Effective income tax rate		1	%		(2	%)		6	%		0	%

Devon estimates its annual effective income tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which it operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur. Under the Tax Reform Legislation, the U.S. corporate income tax rate was reduced to 21% effective January 1, 2018.

In the table above, the “other” effect is primarily composed of permanent differences for which dollar amounts do not increase or decrease in relation to the change in pre-tax earnings. Generally, such items have an insignificant impact on Devon’s effective income tax rate. However, these items have a more noticeable impact to the rate in the first six months of 2018 due to lower relative earnings during the period.

Devon is under audit in the U.S. and various foreign jurisdictions as part of its normal course of business. In the second quarter of 2018, Devon realized $14 million of income tax benefits in conjunction with favorable tax settlements as a result of these audits. Devon believes that within the next 12 months it is reasonably possible that certain tax examinations will be resolved by settlement with the taxing authorities.

During the first quarter of 2018, Devon repatriated approximately $92 million from certain international entities. This repatriation had no tax impact.

Throughout 2017 and through the first six months of 2018, Devon continued to maintain a 100% valuation allowance against its U.S. deferred tax assets resulting from prior year cumulative financial losses largely due to oil and gas impairments and significant net operating losses for U.S. federal and state income tax. Devon provided an additional $129 million to its U.S. segment valuation allowance in the first six months of 2018 based on the financial losses recorded during the period. Upon closing of the EnLink divestiture in the third quarter of 2018, Devon expects to record a gain of approximately $2.5 billion. This gain is expected to significantly reduce Devon’s U.S. deferred tax valuation allowance and Devon will further evaluate its position in the third quarter of 2018. Furthermore, a partial allowance continues to be held against certain Canadian segment deferred tax assets. During the second quarter of 2018, the Canadian segment reduced its valuation allowance by approximately $74 million.

In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allows Devon to record provisional amounts during a measurement period not to extend beyond one year after the enactment date. As the Tax Reform Legislation was passed late in the fourth quarter of 2017 and ongoing guidance and interpretations are expected over the next 12 months, Devon considers the accounting of the transition tax, deferred tax remeasurements and other items to be incomplete due to the forthcoming guidance and ongoing analysis of Devon’s tax positions. This analysis will be materially complete upon the filing of the 2017 U.S. tax return in the fourth quarter of 2018. Devon expects to complete its analysis within the measurement period in accordance with SAB 118. No material changes to the provisional amounts recorded in the fourth quarter of 2017 have been made during the first six months of 2018.

Net Earnings (Loss) Per Share from Continuing Operations

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share from Continuing Operations

9.	Net Earnings (Loss) Per Share from Continuing Operations

The following table reconciles net earnings (loss) from continuing operations and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings (loss) per share from continuing operations.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations	$	(474	)	$	212		$	(685	)	$	520
Attributable to participating securities		(1	)		(3	)		(1	)		(6	)
Basic and diluted earnings (loss) from continuing operations	$	(475	)	$	209		$	(686	)	$	514
Common shares:
Common shares outstanding - total		521			526			524			525
Attributable to participating securities		(6	)		(6	)		(6	)		(6	)
Common shares outstanding - basic		515			520			518			519
Dilutive effect of potential common shares issuable		—			3			—			3
Common shares outstanding - diluted		515			523			518			522
Net earnings (loss) per share from continuing operations:
Basic	$	(0.92	)	$	0.40		$	(1.33	)	$	0.99
Diluted	$	(0.92	)	$	0.40		$	(1.33	)	$	0.99
Antidilutive options ⁽¹⁾		2			2			2			2

(1)	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

Other Comprehensive Earnings

6 Months Ended

Jun. 30, 2018

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Other Comprehensive Earnings

10.	Other Comprehensive Earnings

Components of other comprehensive earnings consist of the following:

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Foreign currency translation:
Beginning accumulated foreign currency translation	$	1,261		$	1,234		$	1,309		$	1,226
Change in cumulative translation adjustment		(36	)		39			(96	)		50
Income tax benefit (expense)		2			(11	)		14			(14	)
Ending accumulated foreign currency translation		1,227			1,262			1,227			1,262
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		(139	)		(167	)		(143	)		(172	)
Recognition of net actuarial loss and prior service cost in earnings ⁽¹⁾		3			4			7			9
Ending accumulated pension and postretirement benefits		(136	)		(163	)		(136	)		(163	)
Accumulated other comprehensive earnings, net of tax	$	1,091		$	1,099		$	1,091		$	1,099

(1)	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 17 for additional details.

Supplemental Information To Statements Of Cash Flows

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Information To Statements Of Cash Flows

11.	Supplemental Information to Statements of Cash Flows

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Changes in assets and liabilities, net
Accounts receivable	$	(188	)	$	46		$	(151	)	$	74
Other current assets		(7	)		11			(95	)		(13	)
Other long-term assets		(28	)		9			(81	)		10
Accounts payable		78			51			82			68
Revenues and royalties payable		146			(45	)		212			51
Other current liabilities		(127	)		34			(63	)		(52	)
Other long-term liabilities		(7	)		(4	)		(12	)		(5	)
Total	$	(133	)	$	102		$	(108	)	$	133
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	$	138		$	144		$	214		$	236
Income taxes received	$	(7	)	$	(4	)	$	(6	)	$	(1	)

Accounts Receivable

6 Months Ended

Jun. 30, 2018

Accounts Receivable Net [Abstract]

Accounts Receivable

12.	Accounts Receivable

Components of accounts receivable include the following:

	June 30, 2018			December 31, 2017
Oil, gas and NGL sales	$	597		$	559
Joint interest billings		165			134
Marketing revenues		357			278
Other		32			29
Gross accounts receivable		1,151			1,000
Allowance for doubtful accounts		(10	)		(11	)
Net accounts receivable	$	1,141		$	989

Property, Plant and Equipment

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2018

Extractive Industries [Abstract]

13.	Property, Plant and Equipment

The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.

	June 30, 2018			December 31, 2017
Property and equipment, at cost:
Proved	$	47,350		$	47,295
Unproved and properties under development		2,425			2,457
Total oil and gas		49,775			49,752
Less accumulated DD&A		(36,818	)		(36,434	)
Oil and gas property and equipment, net		12,957			13,318
Other property and equipment		1,883			1,955
Less accumulated DD&A		(719	)		(689	)
Other property and equipment, net		1,164			1,266
Property and equipment, net	$	14,121		$	14,584

Other Current Liabilities

6 Months Ended

Jun. 30, 2018

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

14.	Other Current Liabilities

Components of other current liabilities include the following:

	June 30, 2018		December 31, 2017
Derivative liabilities	$	648	$	323
Income taxes payable		45		144
Accrued interest payable		81		96
Restructuring liabilities		66		19
Other		239		246
Other current liabilities	$	1,079	$	828

Debt And Related Expenses

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt and Related Expenses

15.	Debt and Related Expenses

A summary of debt is as follows:

	June 30, 2018			December 31, 2017
8.25% due July 1, 2018	$	20		$	20
2.25% due December 15, 2018		95			95
6.30% due January 15, 2019		162			162
4.00% due July 15, 2021		500			500
3.25% due May 15, 2022		1,000			1,000
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027		73			73
7.875% due September 30, 2031 ⁽¹⁾		675			1,059
7.95% due April 15, 2032 ⁽¹⁾		366			789
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(25	)		(30	)
Debt issuance costs		(34	)		(39	)
Total debt		6,067			6,864
Less amount classified as short-term debt⁽²⁾		277			115
Total long-term debt	$	5,790		$	6,749

(1)	These senior notes were included in the 2018 tender offer repurchases discussed below.

(2)	Short-term debt as of June 30, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019.

Credit Lines

Devon has a $3.0 billion Senior Credit Facility. As of June 30, 2018, Devon had $51 million in outstanding letters of credit under the Senior Credit Facility. There were no outstanding borrowings under the Senior Credit Facility at June 30, 2018. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back noncash financial write-downs such as impairments. As of June 30, 2018, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 26.1%.

Retirement of Senior Notes

In the first quarter of 2018, Devon completed tender offers to repurchase $807 million in aggregate principal amount of debt securities, using cash on hand. This included $384 million of the 7.875% senior notes due September 30, 2031 and $423 million of the 7.95% senior notes due April 15, 2032. Devon recognized a $312 million loss on early retirement of debt, consisting of $304 million in cash retirement costs and $8 million of noncash charges. These costs, along with other charges associated with retiring the debt, are included in net financing costs in the consolidated comprehensive statements of earnings.

In July 2018, Devon repaid the $20 million of 8.25% Senior Notes at maturity.

Net Financing Costs

The following schedule includes the components of net financing costs.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Interest based on debt outstanding	$	81		$	98		$	177		$	195
Early retirement of debt		—			—			312			—
Capitalized interest		(17	)		(16	)		(35	)		(32	)
Other		(2	)		(5	)		(5	)		(3	)
Total net financing costs	$	62		$	77		$	449		$	160

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2018

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

16.	Asset Retirement Obligations

The following table presents the changes in Devon’s asset retirement obligations.

	Six Months Ended June 30,
	2018			2017
Asset retirement obligations as of beginning of period	$	1,138		$	1,258
Liabilities incurred and assumed through acquisitions		22			15
Liabilities settled and divested		(64	)		(26	)
Revision of estimated obligation		23			(184	)
Accretion expense on discounted obligation		30			31
Foreign currency translation adjustment		(22	)		14
Asset retirement obligations as of end of period		1,127			1,108
Less current portion		39			44
Asset retirement obligations, long-term	$	1,088		$	1,064

During the second quarter of 2018, Devon reduced its asset retirement obligation by $34 million for those obligations that were assumed by purchasers of certain Barnett Shale assets. For additional information, see Note 3.

During the first quarter of 2017, Devon reduced its estimated asset retirement obligations by $184 million, primarily due to changes in the assumed inflation rate and retirement dates for its oil and gas assets.

Retirement Plans

6 Months Ended

Jun. 30, 2018

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

17.	Retirement Plans

The following table presents the components of net periodic benefit cost for Devon’s pension and postretirement benefit plans.

	Pension Benefits												Postretirement Benefits
	Three Months Ended						Six Months Ended						Three Months Ended						Six Months Ended
	June 30,						June 30,						June 30,						June 30,
	2018			2017			2018			2017			2018			2017			2018			2017
Service cost	$	3		$	4		$	6		$	8		$	—		$	—		$	—		$	—
Interest cost		10			11			20			21			—			—			—			—
Expected return on plan assets		(14	)		(14	)		(28	)		(27	)		—			—			—			—
Amortization of prior service cost ⁽¹⁾		1			—			1			1			(1	)		(1	)		(1	)		(1	)
Net actuarial loss ⁽¹⁾		3			5			7			9			—			—			—			—
Net periodic benefit cost ⁽²⁾	$	3		$	6		$	6		$	12		$	(1	)	$	(1	)	$	(1	)	$	(1	)

(1)

These net periodic benefit costs were reclassified out of other comprehensive earnings.

(2)

The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other expenses in the accompanying consolidated comprehensive statements of earnings.

Stockholders' Equity

6 Months Ended

Jun. 30, 2018

Stockholders Equity Note [Abstract]

Stockholders' Equity

18.	Stockholders’ Equity

Share Repurchase Program

In March 2018, Devon announced a share repurchase program to buy up to $1 billion of shares of common stock. In June 2018, in conjunction with the divestiture of its investment in EnLink and the General Partner, Devon announced the expansion of the share repurchase by an additional $3 billion, bringing the total repurchase program to $4 billion. The share repurchase program expires December 31, 2019. During the first six months of 2018, Devon repurchased 13.7 million shares of common stock for $521 million, or $38.01 per share, under this program.

Dividends

The table below summarizes the dividends Devon paid on its common stock.

	Amounts		Rate Per Share
Quarter Ended 2018:
First quarter 2018	$	32	$	0.06
Second quarter 2018		42	$	0.08
Total year-to-date	$	74
Quarter Ended 2017:
First quarter 2017	$	32	$	0.06
Second quarter 2017		33	$	0.06
Total year-to-date	$	65

Devon increased the quarterly dividend by 33% to $0.08 per share in the second quarter of 2018.

Discontinued Operations

6 Months Ended

Jun. 30, 2018

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

19.	Discontinued Operations

On June 6, 2018, Devon announced it had entered into an agreement to sell its aggregate ownership interests in EnLink and the General Partner for approximately $3.1 billion. On July 18, 2018, Devon completed the sale and expects to recognize a gain of approximately $2.5 billion in the third quarter of 2018. As part of the agreement, Devon extended its fixed-fee gathering and processing contracts with respect to the Bridgeport and Cana plants with EnLink through 2029.

Upon entering into the agreement to sell its ownership interest in June 2018, Devon concluded that the transaction was a strategic shift and met the requirements of assets held for sale and discontinued operations. As part of its assessment, Devon considered the following: 1) Devon is exiting its entire midstream business ownership; 2) EnLink and the General Partner is a separate reportable segment and is a component of Devon’s business; and 3) the transaction resulted in a material reduction in total assets, debt, revenues, net earnings and operating cash flows. As a result, Devon classified the results of operations and cash flows related to EnLink and the General Partner as discontinued operations on its consolidated financial statements. Additionally, Devon ceased depreciation and amortization for all plant, property and equipment and intangible assets classified as assets held for sale on the date the sales agreement was signed.

As of June 30, 2018, Devon’s ownership interest in EnLink was 23%, excluding the interest held by the General Partner. Devon’s controlling ownership interest in the General Partner as of June 30, 2018 was 64%.

The following table presents the amounts reported in the consolidated comprehensive statements of earnings as discontinued operations.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Marketing and midstream revenues	$	1,595		$	1,094		$	3,207		$	2,245
Marketing and midstream expenses		1,269			865			2,610			1,800
Depreciation, depletion and amortization		106			137			244			265
General and administrative expenses		31			31			58			67
Financing costs, net		45			39			89			84
Other expenses		(5	)		(15	)		(7	)		(20	)
Total expenses		1,446			1,057			2,994			2,196
Earnings from discontinued operations before income taxes		149			37			213			49
Income tax expense		10			4			16			7
Net earnings from discontinued operations, net of income tax expense		139			33			197			42
Net earnings attributable to noncontrolling interests		90			26			134			40
Net earnings from discontinued operations attributable to Devon	$	49		$	7		$	63		$	2

The following table presents the carrying amounts of the assets and liabilities classified as held for sale on the consolidated balance sheets.

	June 30, 2018		December 31, 2017
Cash and cash equivalents	$	37	$	31
Accounts receivable		733		681
Other current assets		1,658		48
Midstream and other property and equipment, net ⁽¹⁾		6,794		6,587
Goodwill ⁽¹⁾		1,542		1,542
Other long-term assets ⁽¹⁾		—		1,600
Total assets held for sale	$	10,764	$	10,489

Accounts payable	$	213	$	186
Revenues and royalties payable		473		432
Other current liabilities		655		373
Long-term debt⁽¹⁾		3,590		3,542
Deferred income taxes ⁽¹⁾		360		346
Other long-term liabilities ⁽¹⁾		—		48
Total liabilities held for sale	$	5,291	$	4,927

(1)

These amounts were reclassified to respective current assets and current liabilities held for sale as of June 30, 2018 with the sale of Devon’s interests in EnLink and the General Partner closing in July 2018.

Commitments And Contingencies

6 Months Ended

Jun. 30, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies

20.	Commitments and Contingencies

Devon is party to various legal actions arising in the normal course of business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates.

Royalty Matters

Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. Devon does not currently believe that it is subject to material exposure with respect to such royalty matters.

Environmental Matters

Devon is subject to certain environmental, health and safety laws and regulations, including with respect to environmental remediation activities associated with past operations, such as the Comprehensive Environmental Response, Compensation, and Liability Act and similar state statutes. In response to liabilities associated with these activities, loss accruals primarily consist of estimated uninsured remediation costs. Devon’s monetary exposure for environmental matters is not expected to be material.

Other Matters

Devon is involved in other various legal proceedings incidental to its business. However, to Devon’s knowledge, there were no other material pending legal proceedings to which Devon is a party or to which any of its property is subject.

Fair Value Measurements

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

21.	Fair Value Measurements

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. None of the items below are measured using Level 3 inputs. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables and accrued expenses included in the accompanying consolidated balance sheets approximated fair value at June 30, 2018 and December 31, 2017. Therefore, such financial assets and liabilities are not presented in the following table. Additionally, the fair values of oil and gas assets and goodwill and related impairments are measured as of the impairment date using Level 3 inputs. More information on these items is provided in Note 6.

As discussed further in Note 19, Devon’s announcement of the sale of its aggregate ownership interests in EnLink and the General Partner resulted in Devon reclassifying the related assets and liabilities to held for sale on the consolidated balance sheets.

							Fair Value Measurements Using:
	Carrying			Total Fair			Level 1		Level 2
	Amount			Value			Inputs		Inputs
June 30, 2018 assets (liabilities):
Cash equivalents	$	321		$	321		$	321	$	—
Commodity derivatives	$	240		$	240		$	—	$	240
Commodity derivatives	$	(740	)	$	(740	)	$	—	$	(740	)
Interest rate derivatives	$	1		$	1		$	—	$	1
Interest rate derivatives	$	(1	)	$	(1	)	$	—	$	(1	)
Debt	$	(6,067	)	$	(6,572	)	$	—	$	(6,572	)
December 31, 2017 assets (liabilities):
Cash equivalents	$	1,533		$	1,533		$	1,454	$	79
Commodity derivatives	$	205		$	205		$	—	$	205
Commodity derivatives	$	(286	)	$	(286	)	$	—	$	(286	)
Interest rate derivatives	$	1		$	1		$	—	$	1
Interest rate derivatives	$	(64	)	$	(64	)	$	—	$	(64	)
Debt	$	(6,864	)	$	(8,131	)	$	—	$	(8,131	)

The following methods and assumptions were used to estimate the fair values in the table above.

Level 1 Fair Value Measurements

Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value.

Level 2 Fair Value Measurements

Cash equivalents – Amounts primarily consist of commercial paper and the fair value approximates the carrying value.

Commodity and interest rate derivatives – The fair values of commodity and interest rate derivatives are estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements.

Debt – Devon’s debt instruments do not actively trade in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity.

Revenue From Contract With Customer [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

22.	Segment Information

Devon manages its operations through distinct operating segments, which are defined primarily by geographic areas. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of the businesses. However, Devon’s Canadian E&P operating segment is reported as a separate reporting segment primarily due to the significant differences between the U.S. and Canadian regulatory environments. Devon’s U.S. and Canadian segments are both primarily engaged in oil and gas E&P activities.

Devon considers EnLink, combined with the General Partner, to be a segment that is distinct from the U.S. and Canadian operating segments. EnLink’s operations consist of midstream assets and operations located in the U.S. Additionally, EnLink has a management team that is primarily responsible for capital and resource allocation decisions. However, with Devon’s recent divestiture announcement, activity related to the General Partner and EnLink have now been classified as discontinued operations within Devon’s consolidated comprehensive statements of earnings and consolidated statements of cash flows, and the associated assets and liabilities of EnLink and the General Partner are presented as assets and liabilities held for sale on the consolidated balance sheets. Additional information can be found in Note 19.

	U.S.			Canada			Total
Three Months Ended June 30, 2018:
Revenues from external customers	$	1,922		$	327		$	2,249
Depreciation, depletion and amortization	$	342		$	78		$	420
Interest expense	$	72		$	(3	)	$	69
Asset impairments	$	154		$	—		$	154
Asset dispositions	$	23		$	—		$	23
Restructuring and transaction costs	$	85		$	9		$	94
Loss from continuing operations before income taxes	$	(471	)	$	(10	)	$	(481	)
Income tax expense (benefit)	$	13		$	(20	)	$	(7	)
Net earnings (loss) from continuing operations	$	(484	)	$	10		$	(474	)
Capital expenditures, including acquisitions	$	585		$	60		$	645
Three Months Ended June 30, 2017:
Revenues from external customers	$	1,891		$	274		$	2,165
Depreciation, depletion and amortization	$	283		$	86		$	369
Interest expense	$	81		$	—		$	81
Asset dispositions	$	(22	)	$	—		$	(22	)
Earnings (loss) from continuing operations before income taxes	$	213		$	(6	)	$	207
Income tax expense (benefit)	$	2		$	(7	)	$	(5	)
Net earnings from continuing operations	$	211		$	1		$	212
Capital expenditures, including acquisitions	$	385		$	71		$	456
Six Months Ended June 30, 2018:
Revenues from external customers	$	3,801		$	646		$	4,447
Depreciation, depletion and amortization	$	647		$	172		$	819
Interest expense	$	319		$	145		$	464
Asset impairments	$	154		$	—		$	154
Asset dispositions	$	11		$	—		$	11
Restructuring and transaction costs	$	85		$	9		$	94
Loss from continuing operations before income taxes	$	(587	)	$	(139	)	$	(726	)
Income tax expense (benefit)	$	14		$	(55	)	$	(41	)
Net loss from continuing operations	$	(601	)	$	(84	)	$	(685	)
Property and equipment, net	$	10,031		$	4,090		$	14,121
Total continuing assets (1)	$	13,247		$	5,148		$	18,395
Capital expenditures, including acquisitions	$	1,197		$	149		$	1,346
Six Months Ended June 30, 2017:
Revenues from external customers	$	3,972		$	593		$	4,565
Depreciation, depletion and amortization	$	585		$	184		$	769
Interest expense	$	161		$	5		$	166
Asset dispositions	$	(29	)	$	(1	)	$	(30	)
Earnings (loss) from continuing operations before income taxes	$	523		$	(3	)	$	520
Income tax expense (benefit)	$	5		$	(5	)	$	—
Net earnings from continuing operations	$	518		$	2		$	520
Property and equipment, net	$	10,051		$	4,166		$	14,217
Total continuing assets (1)	$	13,907		$	5,020		$	18,927
Capital expenditures, including acquisitions	$	731		$	153		$	884

(1)	Total assets in the table above do not include assets held for sale related to Devon’s discontinued operations, which totaled $10.8 billion and $10.2 billion on June 30, 2018 and June 30, 2017, respectively.

Summary Of Significant Accounting Policies (Policies)	6 Months Ended
Summary Of Significant Accounting Policies (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Recent Accounting Standards	Recently Adopted Accounting Standards In January 2018, Devon adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. See Note 2 for further discussion regarding Devon’s adoption of the revenue recognition standard. In January 2018, Devon adopted ASU 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item as other employee compensation costs. Only the service cost component of net periodic benefit cost is eligible for capitalization. As a result of the adoption of this ASU, consolidated statement of earnings presentation changes were applied retrospectively, while service cost component capitalization was applied prospectively. In January 2018, Devon adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires an entity to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents on the statement of cash flows and to provide a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet when the cash, cash equivalents, restricted cash, and restricted cash equivalents are presented in more than one line item on the balance sheet. As a result of the adoption of this ASU, Devon made changes to the statement of cash flows to include the required presentation and reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents retrospectively. Other than presentation, adoption of this ASU did not have a material impact on Devon’s consolidated statement of cash flows. Issued Accounting Standards Not Yet Adopted The FASB issued ASU 2016-02, Leases (Topic 842). This ASU will supersede the lease requirements in Topic 840, Leases. Its objective is to increase transparency and comparability among organizations. This ASU provides guidance requiring lessees to recognize most leases on their balance sheet. Lessor accounting does not significantly change, except for some changes made to align with new revenue recognition requirements. This ASU is effective for Devon beginning January 1, 2019. Early adoption is permitted, but Devon does not plan to early adopt. Currently the guidance would be applied using a modified retrospective transition method, which requires applying the new guidance to leases that exist or are entered into after the beginning of the earliest period in the financial statements. However, the FASB recently issued Proposed ASU No. 2018-200, Leases (Topic 842), Targeted Improvements which would allow entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the consolidated financial statements. The proposed ASU will allow entities to continue to apply the legacy guidance in Topic 840, including its disclosure requirements, in the comparative periods presented in the year the new leases standard is adopted. Entities that elect this option would still adopt the new leases standard using a modified retrospective transition method, but would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. The FASB issued ASU No. 2018-01, Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842. This ASU would permit an entity not to apply Topic 842 to land easements and rights-of-way that exist or expired before the effective date of Topic 842 and that were not previously assessed under Topic 840. An entity would continue to apply its current accounting policy for accounting for land easements that existed before the effective date of Topic 842. Once an entity adopts Topic 842, it would apply that Topic prospectively to all new (or modified) land easements and rights-of-way to determine whether the arrangement should be accounted for as a lease. For Devon, these easement and right-of-way contracts represent a relatively small percentage of the aggregate value of contracts being evaluated but represent a significant number of contracts. Devon has determined its portfolio of leased assets and is reviewing all related contracts to determine the impact the adoption will have on its consolidated financial statements and related disclosures. Devon anticipates the adoption of this standard will significantly impact its consolidated financial statements, systems, processes and controls. Devon is in the process of designing processes and controls and has implemented a technology solution needed to comply with the requirements of this ASU. While Devon cannot currently estimate the quantitative effect that ASU 2016-02 will have on its consolidated financial statements, the adoption will increase asset and liability balances on the consolidated balance sheets due to the required recognition of right-of-use assets and corresponding lease liabilities. The FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU will expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company’s risk management activities. The guidance also eliminates the requirement to separately measure and report hedge ineffectiveness. This ASU only applies to entities that elect hedge accounting, which Devon has not for derivative financial instruments. This ASU is effective for annual and interim periods beginning January 1, 2019, with early adoption permitted in 2018. The ASU is required to be adopted using a cumulative effect (modified retrospective) transition method, which utilizes a cumulative-effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. Devon is currently evaluating the provisions of this ASU and assessing the impact it may have on its consolidated financial statements if hedge accounting were elected by Devon in the future. The FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). This ASU allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Reform Legislation. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and allows for early adoption in any interim period after issuance of the update. Devon is currently assessing the impact this ASU will have on its consolidated financial statements.
Commitments And Contingencies	Devon is party to various legal actions arising in the normal course of business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Impact of Adoption

The impact of adoption in the current period results is as follows:

	Three Months Ended June 30, 2018								Six Months Ended June 30, 2018
	Under ASC 606			Under ASC 605			Increase/ (Decrease)		Under ASC 606			Under ASC 605			Increase/ (Decrease)
Upstream revenues	$	1,069		$	1,004		$	65	$	2,388		$	2,261		$	127
Marketing revenues		1,180			1,180			—		2,059			2,059			—
Total impacted revenues	$	2,249		$	2,184		$	65	$	4,447		$	4,320		$	127

Production expenses	$	572		$	507		$	65	$	1,115		$	988		$	127
Marketing expenses		1,160			1,160			—		2,033			2,033			—
Total impacted expenses	$	1,732		$	1,667		$	65	$	3,148		$	3,021		$	127

Loss from continuing operations before income taxes	$	(481	)	$	(481	)	$	—	$	(726	)	$	(726	)	$	—

Schedule of Revenue from Contracts with Customers that are Disaggregated Based on Type of Good or Service

	Three Months Ended June 30, 2018						Six Months Ended June 30, 2018
	U.S.		Canada		Total		U.S.		Canada		Total
Revenues from contracts with customers:
Oil	$	808	$	313	$	1,121	$	1,485	$	543	$	2,028
Gas		207		—		207		462		—		462
NGL		238		—		238		436		—		436
Oil, gas and NGL sales		1,253		313		1,566		2,383		543		2,926

Oil		766		24		790		1,297		41		1,338
Gas		160		—		160		315		—		315
NGL		230		—		230		406		—		406
Total marketing revenues		1,156		24		1,180		2,018		41		2,059

Total revenues from contracts with customers	$	2,409	$	337	$	2,746	$	4,401	$	584	$	4,985

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Schedule Of Derivative Financial Instruments Included In Consolidated Comprehensive Statements Of Earnings And Consolidated Balance Sheets

The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated comprehensive statements of earnings caption.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Commodity derivatives:
Upstream revenues	$	(497	)	$	126		$	(538	)	$	358
Marketing revenues		(1	)		2			(1	)		3
Interest rate derivatives:
Other expenses		19			(20	)		65			(15	)
Net gains (losses) recognized	$	(479	)	$	108		$	(474	)	$	346

The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.

	June 30, 2018		December 31, 2017
Commodity derivative assets:
Other current assets	$	213	$	203
Other long-term assets		27		2
Interest rate derivative assets:
Other current assets		1		1
Total derivative assets	$	241	$	206
Commodity derivative liabilities:
Other current liabilities	$	647	$	259
Other long-term liabilities		93		27
Interest rate derivative liabilities:
Other current liabilities		1		64
Total derivative liabilities	$	741	$	350

Interest Rate Derivatives [Member]

Open Oil Derivative Positions [Member]

Notional				Rate Received			Rate Paid		Expiration
$	100			1.76%			Three Month LIBOR		January 2019

Open Natural Gas Derivative Positions [Member]

	Price Swaps				Price Collars
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q3-Q4 2018		89,300	$	57.96		100,200	$	52.23	$	62.83
Q1-Q4 2019		50,130	$	58.95		65,790	$	52.60	$	62.60

	Oil Basis Swaps						Oil Basis Collars
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)			Volume (Bbls/d)		Weighted Average Floor Differential to WTI ($/Bbl)			Weighted Average Ceiling Differential to WTI ($/Bbl)
Q3-Q4 2018	Midland Sweet		23,000	$	(1.02	)		—	$	—		$	—
Q3-Q4 2018	Argus LLS		12,000	$	3.95			—	$	—		$	—
Q3-Q4 2018	Argus MEH		15,832	$	2.82			—	$	—		$	—
Q3-Q4 2018	NYMEX Roll		19,989	$	0.60			—	$	—		$	—
Q3-Q4 2018	Western Canadian Select		64,859	$	(14.91	)		1,663	$	(15.50	)	$	(13.93	)
Q1-Q4 2019	Midland Sweet		28,000	$	(0.46	)		—	$	—		$	—
Q1-Q4 2019	Argus LLS		1,000	$	4.60			—	$	—		$	—
Q1-Q4 2019	Argus MEH		16,000	$	2.84			—	$	—		$	—
Q1-Q4 2019	NYMEX Roll		22,000	$	0.53			—	$	—		$	—
Q1-Q4 2020	NYMEX Roll		22,000	$	0.32			—	$	—		$	—

Open NGL Derivative Positions [Member]

	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q3-Q4 2018		273,750	$	2.91		242,250	$	2.76	$	3.09
Q1-Q4 2019		181,122	$	2.81		146,810	$	2.65	$	3.04

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q3-Q4 2018	Panhandle Eastern Pipe Line		120,000	$	(0.51	)
Q3-Q4 2018	El Paso Natural Gas		100,000	$	(1.25	)
Q3-Q4 2018	Houston Ship Channel		115,000	$	0.01
Q3-Q4 2018	Transco Zone 4		15,000	$	(0.03	)
Q1-Q4 2019	Panhandle Eastern Pipe Line		54,548	$	(0.78	)
Q1-Q4 2019	El Paso Natural Gas		110,000	$	(1.50	)
Q1-Q4 2019	Houston Ship Channel		92,500	$	(0.01	)
Q1-Q4 2019	Transco Zone 4		7,397	$	(0.03	)

		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q3-Q4 2018	Ethane		6,000	$	11.73
Q3-Q4 2018	Natural Gasoline		6,500	$	56.13
Q3-Q4 2018	Normal Butane		7,000	$	38.69
Q3-Q4 2018	Propane		12,000	$	33.72
Q1-Q4 2019	Ethane		1,000	$	11.55
Q1-Q4 2019	Natural Gasoline		4,500	$	55.93
Q1-Q4 2019	Normal Butane		4,000	$	33.69
Q1-Q4 2019	Propane		8,500	$	30.01

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Topic 815
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-Section 50
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(n)(2))
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+ Details

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2018

Schedule Of Share-Based Compensation Expense Included In The Consolidated Comprehensive Statements Of Earnings

	Six Months Ended June 30,
	2018		2017
G&A	$	68	$	75
Exploration expenses		2		4
Restructuring and transaction costs		26		—
Total	$	96	$	79
Related income tax benefit	$	3	$	3

Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units

	Restricted Stock					Performance-Based					Performance
	Awards and Units					Restricted Stock Awards					Share Units
	Awards and Units			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/17		6,328		$	36.81		575		$	38.92		2,758				$	41.21
Granted		3,501		$	35.89		—		$	—		845				$	37.40
Vested		(2,843	)	$	38.83		(231	)	$	43.05		(571	)			$	84.22
Forfeited		(551	)	$	35.54		—		$	—		(91	)			$	33.37
Unvested at 6/30/18		6,435		$	35.52		344		$	36.14		2,941		⁽¹	⁾	$	30.25

(1)	A maximum of 5.9 million common shares could be awarded based upon Devon’s final TSR ranking relative to Devon’s peer group established under applicable award agreements.

Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions

	2018
Grant-date fair value		$36.23	—	$	37.88
Risk-free interest rate	2.28%
Volatility factor	45.8%
Contractual term (years)	2.89

Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition

			Performance-Based
	Restricted Stock		Restricted Stock		Performance
	Awards and Units		Awards		Share Units
Unrecognized compensation cost	$	161	$	2	$	39
Weighted average period for recognition (years)		2.7		1.4		2.0

Restructuring and Transaction Costs and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2018

Other Income And Expenses [Abstract]

Schedule Of The Activity And Balances Associated With Restructuring Liabilities

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2017	$	19		$	31		$	50
Changes related to 2018 workforce reductions		48			—			48
Changes related to prior years' restructurings		(1	)		(8	)		(9	)
Balance as of June 30, 2018	$	66		$	23		$	89

Balance as of December 31, 2016	$	48		$	62		$	110
Changes related to prior years' restructurings		(17	)		(12	)		(29	)
Balance as of June 30, 2017	$	31		$	50		$	81

Schedule Of Other Expenses Presented In The Accompanying Consolidated Comprehensive Statements of Earnings

The following table summarizes Devon’s other expenses presented in the accompanying consolidated comprehensive statement of earnings.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Foreign exchange (gain) loss, net	$	31		$	(49	)	$	81		$	(64	)
Asset retirement obligation accretion		14			14			30			31
Other, net		(21	)		27			(66	)		11
Total	$	24		$	(8	)	$	45		$	(22	)

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Schedule Of Effective Income Tax Rate Reconciliation

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Current income tax expense (benefit)	$	(27	)	$	12		$	(23	)	$	32
Deferred income tax expense (benefit)		20			(17	)		(18	)		(32	)
Total income tax benefit	$	(7	)	$	(5	)	$	(41	)	$	—

U.S. statutory income tax rate		21	%		35	%		21	%		35	%
State income taxes		(1	%)		0	%		(0	%)		2	%
Audit settlements		3	%		0	%		2	%		0	%
Other		(11	%)		(7	%)		(9	%)		(3	%)
Deferred tax asset valuation allowance		(11	%)		(30	%)		(8	%)		(34	%)
Effective income tax rate		1	%		(2	%)		6	%		0	%

Net Earnings (Loss) Per Share from Continuing Operations (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share Computations from Continuing Operations

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations	$	(474	)	$	212		$	(685	)	$	520
Attributable to participating securities		(1	)		(3	)		(1	)		(6	)
Basic and diluted earnings (loss) from continuing operations	$	(475	)	$	209		$	(686	)	$	514
Common shares:
Common shares outstanding - total		521			526			524			525
Attributable to participating securities		(6	)		(6	)		(6	)		(6	)
Common shares outstanding - basic		515			520			518			519
Dilutive effect of potential common shares issuable		—			3			—			3
Common shares outstanding - diluted		515			523			518			522
Net earnings (loss) per share from continuing operations:
Basic	$	(0.92	)	$	0.40		$	(1.33	)	$	0.99
Diluted	$	(0.92	)	$	0.40		$	(1.33	)	$	0.99
Antidilutive options ⁽¹⁾		2			2			2			2

(1)	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

Other Comprehensive Earnings (Tables)

6 Months Ended

Jun. 30, 2018

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Components Of Other Comprehensive Earnings

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Foreign currency translation:
Beginning accumulated foreign currency translation	$	1,261		$	1,234		$	1,309		$	1,226
Change in cumulative translation adjustment		(36	)		39			(96	)		50
Income tax benefit (expense)		2			(11	)		14			(14	)
Ending accumulated foreign currency translation		1,227			1,262			1,227			1,262
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		(139	)		(167	)		(143	)		(172	)
Recognition of net actuarial loss and prior service cost in earnings ⁽¹⁾		3			4			7			9
Ending accumulated pension and postretirement benefits		(136	)		(163	)		(136	)		(163	)
Accumulated other comprehensive earnings, net of tax	$	1,091		$	1,099		$	1,091		$	1,099

(1)	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 17 for additional details.

Supplemental Information To Statements Of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule Of Supplemental Information To Statements Of Cash Flows

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Changes in assets and liabilities, net
Accounts receivable	$	(188	)	$	46		$	(151	)	$	74
Other current assets		(7	)		11			(95	)		(13	)
Other long-term assets		(28	)		9			(81	)		10
Accounts payable		78			51			82			68
Revenues and royalties payable		146			(45	)		212			51
Other current liabilities		(127	)		34			(63	)		(52	)
Other long-term liabilities		(7	)		(4	)		(12	)		(5	)
Total	$	(133	)	$	102		$	(108	)	$	133
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	$	138		$	144		$	214		$	236
Income taxes received	$	(7	)	$	(4	)	$	(6	)	$	(1	)

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2018

Accounts Receivable Net [Abstract]

Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

	June 30, 2018			December 31, 2017
Oil, gas and NGL sales	$	597		$	559
Joint interest billings		165			134
Marketing revenues		357			278
Other		32			29
Gross accounts receivable		1,151			1,000
Allowance for doubtful accounts		(10	)		(11	)
Net accounts receivable	$	1,141		$	989

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2018

Extractive Industries [Abstract]

Table of Property and Equipment, net

The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.

	June 30, 2018			December 31, 2017
Property and equipment, at cost:
Proved	$	47,350		$	47,295
Unproved and properties under development		2,425			2,457
Total oil and gas		49,775			49,752
Less accumulated DD&A		(36,818	)		(36,434	)
Oil and gas property and equipment, net		12,957			13,318
Other property and equipment		1,883			1,955
Less accumulated DD&A		(719	)		(689	)
Other property and equipment, net		1,164			1,266
Property and equipment, net	$	14,121		$	14,584

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

Other Liabilities Disclosure [Abstract]

Schedule Of Other Current Liabilities

	June 30, 2018		December 31, 2017
Derivative liabilities	$	648	$	323
Income taxes payable		45		144
Accrued interest payable		81		96
Restructuring liabilities		66		19
Other		239		246
Other current liabilities	$	1,079	$	828

Debt And Related Expenses (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule Of Debt Instruments and Balances

A summary of debt is as follows:

	June 30, 2018			December 31, 2017
8.25% due July 1, 2018	$	20		$	20
2.25% due December 15, 2018		95			95
6.30% due January 15, 2019		162			162
4.00% due July 15, 2021		500			500
3.25% due May 15, 2022		1,000			1,000
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027		73			73
7.875% due September 30, 2031 ⁽¹⁾		675			1,059
7.95% due April 15, 2032 ⁽¹⁾		366			789
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(25	)		(30	)
Debt issuance costs		(34	)		(39	)
Total debt		6,067			6,864
Less amount classified as short-term debt⁽²⁾		277			115
Total long-term debt	$	5,790		$	6,749

(1)	These senior notes were included in the 2018 tender offer repurchases discussed below.

(2)	Short-term debt as of June 30, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019.

Schedule Of Net Financing Cost Components

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Interest based on debt outstanding	$	81		$	98		$	177		$	195
Early retirement of debt		—			—			312			—
Capitalized interest		(17	)		(16	)		(35	)		(32	)
Other		(2	)		(5	)		(5	)		(3	)
Total net financing costs	$	62		$	77		$	449		$	160

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2018

Asset Retirement Obligation Disclosure [Abstract]

Summary Of Changes In Asset Retirement Obligations

	Six Months Ended June 30,
	2018			2017
Asset retirement obligations as of beginning of period	$	1,138		$	1,258
Liabilities incurred and assumed through acquisitions		22			15
Liabilities settled and divested		(64	)		(26	)
Revision of estimated obligation		23			(184	)
Accretion expense on discounted obligation		30			31
Foreign currency translation adjustment		(22	)		14
Asset retirement obligations as of end of period		1,127			1,108
Less current portion		39			44
Asset retirement obligations, long-term	$	1,088		$	1,064

Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2018

Compensation And Retirement Disclosure [Abstract]

Schedule Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans

	Pension Benefits												Postretirement Benefits
	Three Months Ended						Six Months Ended						Three Months Ended						Six Months Ended
	June 30,						June 30,						June 30,						June 30,
	2018			2017			2018			2017			2018			2017			2018			2017
Service cost	$	3		$	4		$	6		$	8		$	—		$	—		$	—		$	—
Interest cost		10			11			20			21			—			—			—			—
Expected return on plan assets		(14	)		(14	)		(28	)		(27	)		—			—			—			—
Amortization of prior service cost ⁽¹⁾		1			—			1			1			(1	)		(1	)		(1	)		(1	)
Net actuarial loss ⁽¹⁾		3			5			7			9			—			—			—			—
Net periodic benefit cost ⁽²⁾	$	3		$	6		$	6		$	12		$	(1	)	$	(1	)	$	(1	)	$	(1	)

(1)

These net periodic benefit costs were reclassified out of other comprehensive earnings.

(2)

The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other expenses in the accompanying consolidated comprehensive statements of earnings.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2018

Stockholders Equity Note [Abstract]

Summary Of Dividends Paid On Common Stock

The table below summarizes the dividends Devon paid on its common stock.

	Amounts		Rate Per Share
Quarter Ended 2018:
First quarter 2018	$	32	$	0.06
Second quarter 2018		42	$	0.08
Total year-to-date	$	74
Quarter Ended 2017:
First quarter 2017	$	32	$	0.06
Second quarter 2017		33	$	0.06
Total year-to-date	$	65

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2018

Discontinued Operations And Disposal Groups [Abstract]

Summary of Discontinued Operations Within the Consolidated Comprehensive Statements of Earnings and Carrying Amounts of Assets and Liabilities Classified as Held for Sale on the Consolidated Balance Sheets

The following table presents the amounts reported in the consolidated comprehensive statements of earnings as discontinued operations.

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Marketing and midstream revenues	$	1,595		$	1,094		$	3,207		$	2,245
Marketing and midstream expenses		1,269			865			2,610			1,800
Depreciation, depletion and amortization		106			137			244			265
General and administrative expenses		31			31			58			67
Financing costs, net		45			39			89			84
Other expenses		(5	)		(15	)		(7	)		(20	)
Total expenses		1,446			1,057			2,994			2,196
Earnings from discontinued operations before income taxes		149			37			213			49
Income tax expense		10			4			16			7
Net earnings from discontinued operations, net of income tax expense		139			33			197			42
Net earnings attributable to noncontrolling interests		90			26			134			40
Net earnings from discontinued operations attributable to Devon	$	49		$	7		$	63		$	2

The following table presents the carrying amounts of the assets and liabilities classified as held for sale on the consolidated balance sheets.

	June 30, 2018		December 31, 2017
Cash and cash equivalents	$	37	$	31
Accounts receivable		733		681
Other current assets		1,658		48
Midstream and other property and equipment, net ⁽¹⁾		6,794		6,587
Goodwill ⁽¹⁾		1,542		1,542
Other long-term assets ⁽¹⁾		—		1,600
Total assets held for sale	$	10,764	$	10,489

Accounts payable	$	213	$	186
Revenues and royalties payable		473		432
Other current liabilities		655		373
Long-term debt⁽¹⁾		3,590		3,542
Deferred income taxes ⁽¹⁾		360		346
Other long-term liabilities ⁽¹⁾		—		48
Total liabilities held for sale	$	5,291	$	4,927

(1)

These amounts were reclassified to respective current assets and current liabilities held for sale as of June 30, 2018 with the sale of Devon’s interests in EnLink and the General Partner closing in July 2018.

Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

							Fair Value Measurements Using:
	Carrying			Total Fair			Level 1		Level 2
	Amount			Value			Inputs		Inputs
June 30, 2018 assets (liabilities):
Cash equivalents	$	321		$	321		$	321	$	—
Commodity derivatives	$	240		$	240		$	—	$	240
Commodity derivatives	$	(740	)	$	(740	)	$	—	$	(740	)
Interest rate derivatives	$	1		$	1		$	—	$	1
Interest rate derivatives	$	(1	)	$	(1	)	$	—	$	(1	)
Debt	$	(6,067	)	$	(6,572	)	$	—	$	(6,572	)
December 31, 2017 assets (liabilities):
Cash equivalents	$	1,533		$	1,533		$	1,454	$	79
Commodity derivatives	$	205		$	205		$	—	$	205
Commodity derivatives	$	(286	)	$	(286	)	$	—	$	(286	)
Interest rate derivatives	$	1		$	1		$	—	$	1
Interest rate derivatives	$	(64	)	$	(64	)	$	—	$	(64	)
Debt	$	(6,864	)	$	(8,131	)	$	—	$	(8,131	)

Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Condensed Statements Of Comprehensive Earnings And Balance Sheets Of Reportable Segments

	U.S.			Canada			Total
Three Months Ended June 30, 2018:
Revenues from external customers	$	1,922		$	327		$	2,249
Depreciation, depletion and amortization	$	342		$	78		$	420
Interest expense	$	72		$	(3	)	$	69
Asset impairments	$	154		$	—		$	154
Asset dispositions	$	23		$	—		$	23
Restructuring and transaction costs	$	85		$	9		$	94
Loss from continuing operations before income taxes	$	(471	)	$	(10	)	$	(481	)
Income tax expense (benefit)	$	13		$	(20	)	$	(7	)
Net earnings (loss) from continuing operations	$	(484	)	$	10		$	(474	)
Capital expenditures, including acquisitions	$	585		$	60		$	645
Three Months Ended June 30, 2017:
Revenues from external customers	$	1,891		$	274		$	2,165
Depreciation, depletion and amortization	$	283		$	86		$	369
Interest expense	$	81		$	—		$	81
Asset dispositions	$	(22	)	$	—		$	(22	)
Earnings (loss) from continuing operations before income taxes	$	213		$	(6	)	$	207
Income tax expense (benefit)	$	2		$	(7	)	$	(5	)
Net earnings from continuing operations	$	211		$	1		$	212
Capital expenditures, including acquisitions	$	385		$	71		$	456
Six Months Ended June 30, 2018:
Revenues from external customers	$	3,801		$	646		$	4,447
Depreciation, depletion and amortization	$	647		$	172		$	819
Interest expense	$	319		$	145		$	464
Asset impairments	$	154		$	—		$	154
Asset dispositions	$	11		$	—		$	11
Restructuring and transaction costs	$	85		$	9		$	94
Loss from continuing operations before income taxes	$	(587	)	$	(139	)	$	(726	)
Income tax expense (benefit)	$	14		$	(55	)	$	(41	)
Net loss from continuing operations	$	(601	)	$	(84	)	$	(685	)
Property and equipment, net	$	10,031		$	4,090		$	14,121
Total continuing assets (1)	$	13,247		$	5,148		$	18,395
Capital expenditures, including acquisitions	$	1,197		$	149		$	1,346
Six Months Ended June 30, 2017:
Revenues from external customers	$	3,972		$	593		$	4,565
Depreciation, depletion and amortization	$	585		$	184		$	769
Interest expense	$	161		$	5		$	166
Asset dispositions	$	(29	)	$	(1	)	$	(30	)
Earnings (loss) from continuing operations before income taxes	$	523		$	(3	)	$	520
Income tax expense (benefit)	$	5		$	(5	)	$	—
Net earnings from continuing operations	$	518		$	2		$	520
Property and equipment, net	$	10,051		$	4,166		$	14,217
Total continuing assets (1)	$	13,907		$	5,020		$	18,927
Capital expenditures, including acquisitions	$	731		$	153		$	884

(1)	Total assets in the table above do not include assets held for sale related to Devon’s discontinued operations, which totaled $10.8 billion and $10.2 billion on June 30, 2018 and June 30, 2017, respectively.

Revenue Recognition (Schedule of Impact of Adoption) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Upstream revenues	$ 1,069	$ 1,332	$ 2,388	$ 2,873
Marketing revenues	1,180	833	2,059	1,692
Total impacted revenues	2,249	2,165	4,447	4,565
Production expenses	572	455	1,115	912
Marketing expenses	1,160	849	2,033	1,728
Total impacted expenses	1,732		3,148
Earnings (loss) from continuing operations before income taxes	(481)	$ 207	(726)	$ 520
Under ASC 605 [Member] \| Accounting Standards Update 2014-09
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Upstream revenues	1,004		2,261
Marketing revenues	1,180		2,059
Total impacted revenues	2,184		4,320
Production expenses	507		988
Marketing expenses	1,160		2,033
Total impacted expenses	1,667		3,021
Earnings (loss) from continuing operations before income taxes	(481)		(726)
Increase/(Decrease) of Under ASC 606 and Under ASC 605 [Member] \| Accounting Standards Update 2014-09
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Upstream revenues	65		127
Total impacted revenues	65		127
Production expenses	65		127
Total impacted expenses	$ 65		$ 127

Revenue Recognition (Narrative) (Details)	6 Months Ended
Revenue Recognition (Narrative) (Details)	Jun. 30, 2018
Upstream Revenues [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Number of days allowed for payment of invoiced amount	30 days
Marketing And Midstream Revenues [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Number of days allowed for payment of invoiced amount	30 days

Revenue Recognition (Schedule of Revenue from Contracts with Customers that are Disaggregated Based on Type of Good or Service) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	$ 1,566		$ 2,926
Marketing revenues	1,180	$ 833	2,059	$ 1,692
Total revenues from contracts with customers	2,746		4,985
Oil [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	1,121		2,028
Gas [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	207		462
NGL [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	238		436
Operating Segments [Member] \| U.S. [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	1,253		2,383
Total revenues from contracts with customers	2,409		4,401
Operating Segments [Member] \| Canada [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	313		543
Total revenues from contracts with customers	337		584
Operating Segments [Member] \| Oil [Member] \| U.S. [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	808		1,485
Operating Segments [Member] \| Oil [Member] \| Canada [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	313		543
Operating Segments [Member] \| Gas [Member] \| U.S. [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	207		462
Operating Segments [Member] \| NGL [Member] \| U.S. [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	238		436
Marketing Revenues [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	1,180		2,059
Marketing Revenues [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	790		1,338
Marketing Revenues [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	160		315
Marketing Revenues [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	230		406
Marketing Revenues [Member] \| Operating Segments [Member] \| U.S. [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	1,156		2,018
Marketing Revenues [Member] \| Operating Segments [Member] \| Canada [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	24		41
Marketing Revenues [Member] \| Operating Segments [Member] \| Oil [Member] \| U.S. [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	766		1,297
Marketing Revenues [Member] \| Operating Segments [Member] \| Oil [Member] \| Canada [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	24		41
Marketing Revenues [Member] \| Operating Segments [Member] \| Gas [Member] \| U.S. [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	160		315
Marketing Revenues [Member] \| Operating Segments [Member] \| NGL [Member] \| U.S. [Member]
Disaggregation Of Revenue [Line Items]
Marketing revenues	$ 230		$ 406

Divestitures (Narrative) (Details) - USD ($)		3 Months Ended		6 Months Ended
Divestitures (Narrative) (Details) - USD ($)	Jul. 18, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018
Business Acquisition [Line Items]
Gain recognized		$ (23,000,000)	$ 22,000,000	$ (11,000,000)	$ 30,000,000
EnLink and General Partner [Member] \| Subsequent Event [Member]
Business Acquisition [Line Items]
Gain recognized	$ 2,500,000,000
Proceeds from sale of aggregate ownership interest	$ 3,100,000,000
Share Repurchase Program [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Share repurchase program, maximum authorized amount		$ 4,000,000,000		$ 4,000,000,000		$ 1,000,000,000
Barnett Shale [Member]
Business Acquisition [Line Items]
Percentage of proved reserves associated with divestiture assets compared to total estimated proved reserves		10.00%
Divestitures of property and equipment		$ 553,000,000
Divestitures of property and equipment net of purchase price adjustments		481,000,000
Gain recognized		0
Settlement expenses relating to gas processing contracts		$ 40,000,000

Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)	6 Months Ended
	Jun. 30, 2018 $ / bbl bbl
NYMEX West Texas Intermediate Price Swaps Oil Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	89,300
Weighted Average Price Swap	57.96
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	50,130
Weighted Average Price Swap	58.95
NYMEX West Texas Intermediate Price Collars Oil Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	100,200
Weighted Average Floor Price	52.23
Weighted Average Ceiling Price	62.83
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	65,790
Weighted Average Floor Price	52.60
Weighted Average Ceiling Price	62.60
Midland Sweet Basis Swaps Oil Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	23,000
Weighted Average Differential To WTI	(1.02)
Argus LLS Basis Swaps Oil Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	12,000
Weighted Average Differential To WTI	3.95
Argus MEH Basis Swaps Oil Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	15,832
Weighted Average Differential To WTI	2.82
NYMEX Roll Basis Swaps Oil Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	19,989
Weighted Average Differential To WTI	0.60
Western Canadian Select Basis Swaps Oil Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	64,859
Weighted Average Differential To WTI	(14.91)
Midland Sweet Basis Swaps Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	28,000
Weighted Average Differential To WTI	(0.46)
Argus LLS Basis Swaps Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Differential To WTI	4.60
Argus MEH Basis Swaps Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	16,000
Weighted Average Differential To WTI	2.84
NYMEX Roll Basis Swaps Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	22,000
Weighted Average Differential To WTI	0.53
NYMEX Roll Basis Swaps Oil Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	22,000
Weighted Average Differential To WTI	0.32
Western Canadian Select Basis Collars Oil Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,663
Weighted Average Floor Differential to WTI	(15.50)
Weighted Average Ceiling Differential to WTI	(13.93)

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)	6 Months Ended
	Jun. 30, 2018 MMBTU $ / MMBTU
FERC Henry Hub Price Swaps Natural Gas Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	273,750
Weighted Average Price Swap	2.91
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	181,122
Weighted Average Price Swap	2.81
FERC Henry Hub Price Collars Natural Gas Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	242,250
Weighted Average Floor Price	2.76
Weighted Average Ceiling Price	3.09
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	146,810
Weighted Average Floor Price	2.65
Weighted Average Ceiling Price	3.04
PEPL Basis Swaps Natural Gas Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	120,000
Weighted Average Differential To Henry Hub	(0.51)
El Paso Natural Gas Basis Swaps Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	100,000
Weighted Average Differential To Henry Hub	(1.25)
Houston Ship Channel Natural Gas Basis Swaps Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	115,000
Weighted Average Differential To Henry Hub	0.01
Transco Zone 4 Natural Gas Basis Swaps Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	15,000
Weighted Average Differential To Henry Hub	(0.03)
PEPL Basis Swaps Natural Gas Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	54,548
Weighted Average Differential To Henry Hub	(0.78)
El Paso Natural Gas Basis Swaps Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	110,000
Weighted Average Differential To Henry Hub	(1.50)
Houston Ship Channel Natural Gas Basis Swaps Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	92,500
Weighted Average Differential To Henry Hub	(0.01)
Transco Zone 4 Natural Gas Basis Swaps Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	7,397
Weighted Average Differential To Henry Hub	(0.03)

Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)	6 Months Ended
	Jun. 30, 2018 $ / bbl bbl
OPIS Mont Belvieu Texas Ethane Price Swaps NGL Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	6,000
Weighted Average Price Swap \| $ / bbl	11.73
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	6,500
Weighted Average Price Swap \| $ / bbl	56.13
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	7,000
Weighted Average Price Swap \| $ / bbl	38.69
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q3-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	12,000
Weighted Average Price Swap \| $ / bbl	33.72
OPIS Mont Belvieu Texas Ethane Price Swaps NGL Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Price Swap \| $ / bbl	11.55
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	4,500
Weighted Average Price Swap \| $ / bbl	55.93
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	4,000
Weighted Average Price Swap \| $ / bbl	33.69
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	8,500
Weighted Average Price Swap \| $ / bbl	30.01

Derivative Financial Instruments (Schedule Of Open Interest Rate Swap Derivative Positions) (Details) - Interest Rate Contract 1.76% Expiration January 2019 [Member] $ in Millions	6 Months Ended
	Jun. 30, 2018 USD ($)
Derivative [Line Items]
Notional	$ 100
Rate Received, percent	1.76%
Rate Paid	Three Month LIBOR
Expiration	Jan. 31, 2019

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	$ (479)	$ 108	$ (474)	$ 346
Commodity Derivatives [Member] \| Upstream Revenues [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	(497)	126	(538)	358
Commodity Derivatives [Member] \| Marketing Revenues [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	(1)	2	(1)	3
Interest Rate Derivatives [Member] \| Other Expenses [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	$ 19	$ (20)	$ 65	$ (15)

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Derivatives Fair Value [Line Items]
Fair value of derivative assets	$ 241	$ 206
Fair value of derivative liabilities	741	350
Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	648	323
Commodity Derivatives [Member] \| Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	213	203
Commodity Derivatives [Member] \| Other Long-Term Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	27	2
Commodity Derivatives [Member] \| Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	647	259
Commodity Derivatives [Member] \| Other Long-Term Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	93	27
Interest Rate Derivatives [Member] \| Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	1	1
Interest Rate Derivatives [Member] \| Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	$ 1	$ 64

Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 96	$ 79
Related income tax benefit	3	3
G&A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	68	75
Exploration Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	2	$ 4
Restructuring and Transaction Costs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accelerated share-based compensation expense	$ 26

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units) (Details)
shares in Thousands

6 Months Ended

Jun. 30, 2018

$ / shares

shares

Restricted Stock Awards And Units [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unvested at December 31, 2017 | shares

6,328

Granted, awards and units | shares

3,501

Vested, awards and units | shares

(2,843)

Forfeited, awards and units | shares

(551)

Unvested at June 30, 2018 | shares

6,435

Unvested weighted average grant-date fair value at December 31, 2017 | $ / shares

$ 36.81

Granted, weighted average grant-date fair value | $ / shares

35.89

Vested, weighted average grant-date fair value | $ / shares

38.83

Forfeited, weighted average grant-date fair value | $ / shares

35.54

Unvested weighted average grant-date fair value at June 30, 2018 | $ / shares

$ 35.52

Performance-Based Restricted Stock Awards [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unvested at December 31, 2017 | shares

575

Vested, awards and units | shares

(231)

Unvested at June 30, 2018 | shares

344

Unvested weighted average grant-date fair value at December 31, 2017 | $ / shares

$ 38.92

Vested, weighted average grant-date fair value | $ / shares

43.05

Unvested weighted average grant-date fair value at June 30, 2018 | $ / shares

$ 36.14

Performance Share Units [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unvested at December 31, 2017 | shares

2,758

Granted, awards and units | shares

845

Vested, awards and units | shares

(571)

Forfeited, awards and units | shares

(91)

Unvested at June 30, 2018 | shares

2,941

^[1]

Unvested weighted average grant-date fair value at December 31, 2017 | $ / shares

$ 41.21

Granted, weighted average grant-date fair value | $ / shares

37.40

Vested, weighted average grant-date fair value | $ / shares

84.22

Forfeited, weighted average grant-date fair value | $ / shares

33.37

Unvested weighted average grant-date fair value at June 30, 2018 | $ / shares

$ 30.25

[1]	A maximum of 5.9 million common shares could be awarded based upon Devon’s final TSR ranking relative to Devon’s peer group established under applicable award agreements.

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions	6 Months Ended
	Jun. 30, 2018 shares
Performance Share Units [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum common shares that could be awarded based upon total shareholder return	5.9

Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Performance Share Units [Member]	6 Months Ended
	Jun. 30, 2018 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 37.40
Risk-free interest rate	2.28%
Volatility factor	45.80%
Contractual term (years)	2 years 10 months 20 days
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 36.23
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 37.88

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018 USD ($)
Restricted Stock Awards And Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 161
Weighted average period for recognition (years)	2 years 8 months 12 days
Performance-Based Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 2
Weighted average period for recognition (years)	1 year 4 months 24 days
Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 39
Weighted average period for recognition (years)	2 years

Asset Impairments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments	$ 154	$ 154
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments		$ 61	$ 62
Proved Asset Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments	109
Non-oil and Gas Asset Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments	$ 45

Restructuring and Transaction Costs and Other Expenses (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs	$ 94	$ 94
Foreign currency realized loss	(244)
Foreign currency unrealized losses	(254)
Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Expense associated with accelerated awards	26
Reduction of workforce [Member] \| Employee Related Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs	94
Reduction of workforce [Member] \| Estimated Defined Benefit Settlements [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs	$ 15

Restructuring and Transaction Costs and Other Expenses (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 50	$ 110
Ending balance	89	81
Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	48
Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(9)	(29)
Other Current Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	19	48
Ending balance	66	31
Other Current Liabilities [Member] \| Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	48
Other Current Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(1)	(17)
Other Long-Term Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	31	62
Ending balance	23	50
Other Long-Term Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	$ (8)	$ (12)

Restructuring and Transaction Costs and Other Expenses (Schedule Of Other Expenses Presented In The Accompanying Consolidated Comprehensive Statements of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Income And Expenses [Abstract]
Foreign exchange (gain) loss, net	$ 31	$ (49)	$ 81	$ (64)
Asset retirement obligation accretion	14	14	30	31
Other, net	(21)	27	(66)	11
Total	$ 24	$ (8)	$ 45	$ (22)

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ (27)	$ 12	$ (23)	$ 32
Deferred income tax expense (benefit)	20	(17)	(18)	$ (32)
Total income tax benefit	$ (7)	$ (5)	$ (41)
U.S. statutory income tax rate	21.00%	35.00%	21.00%	35.00%
State income taxes	(1.00%)	0.00%	0.00%	2.00%
Audit settlements	3.00%	0.00%	2.00%	0.00%
Other	(11.00%)	(7.00%)	(9.00%)	(3.00%)
Deferred tax asset valuation allowance	(11.00%)	(30.00%)	(8.00%)	(34.00%)
Effective income tax rate	1.00%	(2.00%)	6.00%	0.00%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jul. 18, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax [Line Items]
U.S. statutory income tax rate		21.00%		35.00%	21.00%	35.00%
Income tax benefits in conjunction with favorable tax settlements		$ 14
Foreign earnings repatriated			$ 92
Current income tax expense		(27)		$ 12	$ (23)	$ 32
Valuation allowance against U.S. deferred tax assets, percent					100.00%		100.00%
Gain recognized		(23)		$ 22	$ (11)	$ 30
U.S. [Member]
Income Tax [Line Items]
Change in deferred tax valuation allowance					$ 129
Canada [Member]
Income Tax [Line Items]
Change in deferred tax valuation allowance		$ (74)
EnLink and General Partner [Member] \| Subsequent Event [Member]
Income Tax [Line Items]
Gain recognized	$ 2,500
Repatriated Earnings [Member]
Income Tax [Line Items]
Current income tax expense			$ 0

Net Earnings (Loss) Per Share from Continuing Operations (Earnings Per Share Computations from Continuing Operations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Net earnings (loss) from continuing operations:

Attributable to participating securities

$ (474)

$ 212

$ (685)

$ 520

(1)

(3)

(1)

(6)

Basic and diluted earnings (loss) from continuing operations

$ (475)

$ 209

$ (686)

$ 514

Common shares:

Common shares outstanding - total

521

526

524

525

Attributable to participating securities

(6)

Common shares outstanding - basic

515

520

518

519

Dilutive effect of potential common shares issuable

3

Common shares outstanding - diluted

515

523

518

522

Net earnings (loss) per share from continuing operations:

Basic

$ (0.92)

$ 0.40

$ (1.33)

$ 0.99

Diluted

$ (0.92)

$ 0.40

$ (1.33)

$ 0.99

Antidilutive options

^[1]

2

[1]	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

Other Comprehensive Earnings (Components Of Other Comprehensive Earnings) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Dec. 31, 2017

Foreign currency translation:

Beginning accumulated foreign currency translation

$ 1,261

$ 1,234

$ 1,309

$ 1,226

Change in cumulative translation adjustment

(36)

39

(96)

50

Income tax benefit (expense)

2

(11)

14

(14)

Ending accumulated foreign currency translation

1,227

1,262

1,227

1,262

Pension and postretirement benefit plans:

Beginning accumulated pension and postretirement benefits

(139)

(167)

(143)

(172)

Recognition of net actuarial loss and prior service cost in earnings

^[1]

3

4

7

9

Ending accumulated pension and postretirement benefits

(136)

(163)

(136)

(163)

Accumulated other comprehensive earnings, net of tax

$ 1,091

$ 1,099

$ 1,091

$ 1,099

$ 1,166

[1]	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 17 for additional details.

Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Changes in assets and liabilities, net
Accounts receivable	$ (188)	$ 46	$ (151)	$ 74
Other current assets	(7)	11	(95)	(13)
Other long-term assets	(28)	9	(81)	10
Accounts payable	78	51	82	68
Revenues and royalties payable	146	(45)	212	51
Other current liabilities	(127)	34	(63)	(52)
Other long-term liabilities	(7)	(4)	(12)	(5)
Total	(133)	102	(108)	133
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	138	144	214	236
Income taxes received	$ (7)	$ (4)	$ (6)	$ (1)

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings	$ 165	$ 134
Other	32	29
Gross accounts receivable	1,151	1,000
Allowance for doubtful accounts	(10)	(11)
Net accounts receivable	1,141	989
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	597	559
Marketing Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 357	$ 278

Property, Plant and Equipment - Table of Property and Equipment, net (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Property and equipment, at cost:
Proved	$ 47,350	$ 47,295
Unproved and properties under development	2,425	2,457
Total oil and gas	49,775	49,752
Less accumulated DD&A	(36,818)	(36,434)
Oil and gas property and equipment, net	12,957	13,318
Other property and equipment	1,883	1,955
Less accumulated DD&A	(719)	(689)
Other property and equipment, net	1,164	1,266
Total property and equipment, net	$ 14,121	$ 14,584	$ 14,217

Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Other Liabilities, Current [Abstract]
Derivative liabilities	$ 741	$ 350
Income taxes payable	45	144
Accrued interest payable	81	96
Restructuring liabilities	66	19
Other	239	246
Other current liabilities	1,079	828
Other Current Liabilities [Member]
Other Liabilities, Current [Abstract]
Derivative liabilities	$ 648	$ 323

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2018

Dec. 31, 2017

Net discount on debentures and notes

^[1]

$ 277

$ 115

(25)

(30)

Debt issuance costs

(34)

(39)

Total debt

6,067

6,864

Total long-term debt

5,790

6,749

8.25% Due July 1, 2018 [Member]

$ 20

Jul. 01, 2018

2.25% Due December 15, 2018 [Member]

8.25%

$ 95

Dec. 15, 2018

6.30% Due January 15, 2019 [Member]

2.25%

$ 162

$ 162

Jan. 15, 2019

4.00% Due July 15, 2021 [Member]

6.30%

$ 500

Jul. 15, 2021

3.25% due May 15, 2022 [Member]

4.00%

$ 1,000

May 15, 2022

5.85% due December 15, 2025 [Member]

3.25%

$ 485

Dec. 15, 2025

7.50% due September 15, 2027 [Member]

5.85%

$ 73

Sep. 15, 2027

7.875% due September 30, 2031 [Member]

7.50%

^[2]

$ 675

$ 1,059

Sep. 30, 2031

7.95% due April 15, 2032 [Member]

7.875%

^[2]

$ 366

$ 789

Apr. 15, 2032

5.60% due July 15, 2041 [Member]

7.95%

$ 1,250

Jul. 15, 2041

4.75% due May 15, 2042 [Member]

5.60%

$ 750

May 15, 2042

5.00% due June 15, 2045 [Member]

4.75%

$ 750

Jun. 15, 2045

5.00%

[1]	Short-term debt as of June 30, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019.
[2]	These senior notes were included in the 2018 tender offer repurchases discussed below.

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Parenthetical) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2018

Dec. 31, 2017

8.25% Due July 1, 2018 [Member]

^[1]

$ 277

$ 115

$ 20

8.25%

2.25% Due December 15, 2018 [Member]

Jul. 01, 2018

$ 95

2.25%

6.30% Due January 15, 2019 [Member]

Dec. 15, 2018

$ 162

6.30%

Pension Benefits [Member]

Jan. 15, 2019

[1]	Short-term debt as of June 30, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019.

Debt And Related Expenses (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2018	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Redemption of senior notes			$ 807,000,000
Loss on early retirement of debt			(312,000,000)
Loss on early retirement of debt, cash retirement costs			$ 304,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes		$ 807,000,000
Loss on early retirement of debt		(312,000,000)
Loss on early retirement of debt, cash retirement costs		304,000,000
Loss on early retirement of debt, noncash charges		8,000,000
7.875% due September 30, 2031 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage			7.875%	7.875%
Debt, maturity date			Sep. 30, 2031
7.875% due September 30, 2031 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes		$ 384,000,000
Debt interest rate, stated percentage		7.875%
Debt, maturity date		Sep. 30, 2031
7.95% due April 15, 2032 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage			7.95%	7.95%
Debt, maturity date			Apr. 15, 2032
7.95% due April 15, 2032 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes		$ 423,000,000
Debt interest rate, stated percentage		7.95%
Debt, maturity date		Apr. 15, 2032
8.25% Due July 1, 2018 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage			8.25%	8.25%
Debt, maturity date			Jul. 01, 2018
8.25% Due July 1, 2018 [Member] \| Senior Notes [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Redemption of senior notes	$ 20,000,000
Debt interest rate, stated percentage	8.25%
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility, borrowing capacity			$ 3,000,000,000
Outstanding credit facility borrowings			$ 0
Debt-to-capitalization ratio			0.261
Outstanding letters of credit			$ 51,000,000
Maximum [Member] \| Senior Credit Facility [Member]
Debt Instrument [Line Items]
Debt-to-capitalization ratio			0.65

Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt Disclosure [Abstract]
Interest based on debt outstanding	$ 81	$ 98	$ 177	$ 195
Early retirement of debt			312
Capitalized interest	(17)	(16)	(35)	(32)
Other	(2)	(5)	(5)	(3)
Total net financing costs	$ 62	$ 77	$ 449	$ 160

Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations as of beginning of period			$ 1,258	$ 1,138	$ 1,258
Liabilities incurred and assumed through acquisitions				22	15
Liabilities settled and divested				(64)	(26)
Revision of estimated obligation			$ (184)	23	(184)
Accretion expense on discounted obligation	$ 14	$ 14		30	31
Foreign currency translation adjustment				(22)	14
Asset retirement obligations as of end of period	1,127	1,108		1,127	1,108
Less current portion	39	44		39	44
Asset retirement obligations, long-term	$ 1,088	$ 1,064		$ 1,088	$ 1,064	$ 1,099

Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Asset Retirement Obligations [Line Items]
Decrease in asset retirement obligation			$ 64	$ 26
Revision of estimated obligation		$ (184)	$ 23	$ (184)
Barnett Shale [Member]
Asset Retirement Obligations [Line Items]
Decrease in asset retirement obligation	$ 34

Retirement Plans (Schedule Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Defined Benefit Plan Disclosure [Line Items]

Service cost

$ 3

$ 4

$ 6

$ 8

Interest cost

10

11

20

21

Expected return on plan assets

(14)

(28)

(27)

Amortization of prior service cost

^[1]

1

Net actuarial loss

^[1]

3

5

7

9

Net periodic benefit cost

^[2]

3

6

12

Postretirement Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Amortization of prior service cost

^[1]

(1)

Net periodic benefit cost

^[2]

$ (1)

[1]	These net periodic benefit costs were reclassified out of other comprehensive earnings.
[2]	The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other expenses in the accompanying consolidated comprehensive statements of earnings.

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018
Stockholders Equity [Abstract]
Common shares repurchased value	$ 428				$ 499
Percentage of increase to quarterly dividend	33.00%				33.00%
Common stock dividends, rate per share	$ 0.08	$ 0.06	$ 0.06	$ 0.06
Share Repurchase Program [Member]
Stockholders Equity [Abstract]
Share-repurchase program, additional authorized amount	$ 3,000				$ 3,000
Share-repurchase program expiration date					Dec. 31, 2019
Common shares repurchased					13.7
Common shares repurchased value					$ 521
Common shares repurchased, rate per share					$ 38.01
Share Repurchase Program [Member] \| Maximum [Member]
Stockholders Equity [Abstract]
Share-repurchase program, authorized amount	$ 4,000	$ 1,000			$ 4,000

Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Stockholders Equity Note [Abstract]
Common stock dividends paid, Amount	$ 42	$ 32	$ 33	$ 32	$ 74	$ 65
Common stock dividends, rate per share	$ 0.08	$ 0.06	$ 0.06	$ 0.06

Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jul. 18, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on sale of aggregate ownership interest		$ (23)	$ 22	$ (11)	$ 30
EnLink and General Partner [Member] \| Subsequent Event [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from sale of aggregate ownership interest	$ 3,100
Gain on sale of aggregate ownership interest	$ 2,500
EnLink [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Ownership interest by Devon		23.00%		23.00%
General Partner [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Ownership interest by Devon		64.00%		64.00%

Discontinued Operations (Consolidated Comprehensive Statement of Earnings as Discontinued Operations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Discontinued Operations And Disposal Groups [Abstract]
Marketing and midstream revenues	$ 1,595	$ 1,094	$ 3,207	$ 2,245
Marketing and midstream expenses	1,269	865	2,610	1,800
Depreciation, depletion and amortization	106	137	244	265
General and administrative expenses	31	31	58	67
Financing costs, net	45	39	89	84
Other expenses	(5)	(15)	(7)	(20)
Total expenses	1,446	1,057	2,994	2,196
Earnings from discontinued operations before income taxes	149	37	213	49
Income tax expense	10	4	16	7
Net earnings from discontinued operations, net of income tax expense	139	33	197	42
Net earnings attributable to noncontrolling interests	90	26	134	40
Net earnings from discontinued operations attributable to Devon	$ 49	$ 7	$ 63	$ 2

Discontinued Operations (Carrying Amounts of Assets and Liabilities Classified as Held for Sale on Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions

Jun. 30, 2018

Dec. 31, 2017

Jun. 30, 2017

Disposal Group Including Discontinued Operation Balance Sheet Disclosures [Abstract]

Cash and cash equivalents

$ 37

$ 31

$ 11

Accounts receivable

733

681

Other current assets

1,658

48

Midstream and other property and equipment, net

^[1]

6,794

6,587

Goodwill

^[1]

1,542

Other long-term assets

^[1]

1,600

Total assets held for sale

10,764

10,489

$ 10,200

Accounts payable

213

186

Revenues and royalties payable

473

432

Other current liabilities

655

373

Long-term debt

^[1]

3,590

3,542

Deferred income taxes

^[1]

360

346

Other long-term liabilities

^[1]

48

Total liabilities held for sale

$ 5,291

$ 4,927

[1]	These amounts were reclassified to respective current assets and current liabilities held for sale as of June 30, 2018 with the sale of Devon’s interests in EnLink and the General Partner closing in July 2018

Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	$ 241	$ 206
Derivatives, liabilities	(741)	(350)
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	321	1,533
Debt	(6,067)	(6,864)
Carrying Amount [Member] \| Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	240	205
Derivatives, liabilities	(740)	(286)
Carrying Amount [Member] \| Interest Rate Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	1	1
Derivatives, liabilities	(1)	(64)
Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	321	1,533
Debt	(6,572)	(8,131)
Total Fair Value [Member] \| Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	240	205
Derivatives, liabilities	(740)	(286)
Total Fair Value [Member] \| Interest Rate Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	1	1
Derivatives, liabilities	(1)	(64)
Level 1 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	321	1,454
Level 2 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		79
Debt	(6,572)	(8,131)
Level 2 Inputs [Member] \| Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	240	205
Derivatives, liabilities	(740)	(286)
Level 2 Inputs [Member] \| Interest Rate Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	1	1
Derivatives, liabilities	$ (1)	$ (64)

Segment Information (Condensed Statements Of Comprehensive Earnings And Balance Sheets Of Reportable Segments) (Details)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

USD ($)

Jun. 30, 2017

USD ($)

Jun. 30, 2018

USD ($)

segment

Jun. 30, 2017

USD ($)

Dec. 31, 2017

USD ($)

Revenues from external customers

$ 2,249

$ 2,165

$ 4,447

$ 4,565

Depreciation, depletion and amortization

420

369

819

769

Interest expense

69

81

464

166

Asset impairments

154

Asset dispositions

23

(22)

11

(30)

Restructuring and transaction costs

94

Earnings (loss) from continuing operations before income taxes

(481)

207

(726)

520

Income tax expense (benefit)

(7)

(5)

(41)

Capital expenditures, including acquisitions

(474)

212

(685)

520

645

456

1,346

884

Property and equipment, net

14,121

14,217

14,121

14,217

$ 14,584

Continuing Operations [Member]

29,159

$ 30,241

^[1]

18,395

18,927

$ 18,395

18,927

United States [Member]

Number of reportable segments | segment

1

United States [Member] | Operating Segments [Member]

Revenues from external customers

1,922

1,891

$ 3,801

3,972

Depreciation, depletion and amortization

342

283

647

585

Interest expense

72

81

319

161

Asset impairments

154

Asset dispositions

23

(22)

11

(29)

Restructuring and transaction costs

85

Earnings (loss) from continuing operations before income taxes

(471)

213

(587)

523

Income tax expense (benefit)

13

2

14

5

Capital expenditures, including acquisitions

(484)

211

(601)

518

585

385

1,197

731

Property and equipment, net

10,031

10,051

10,031

10,051

United States [Member] | Operating Segments [Member] | Continuing Operations [Member]

Canada [Member] | Operating Segments [Member]

^[1]

13,247

13,907

13,247

13,907

Revenues from external customers

327

274

646

593

Depreciation, depletion and amortization

78

86

172

184

Interest expense

(3)

145

5

Asset dispositions

(1)

Restructuring and transaction costs

9

Earnings (loss) from continuing operations before income taxes

(10)

(6)

(139)

(3)

Income tax expense (benefit)

(20)

(7)

(55)

(5)

Capital expenditures, including acquisitions

10

1

(84)

2

60

71

149

153

Property and equipment, net

4,090

4,166

4,090

4,166

Canada [Member] | Operating Segments [Member] | Continuing Operations [Member]